BY DAVE SUAN ALBARADO

Former Tagbilaran City Mayor Atty. Dan Neri Lim has challenged Bohol Governor Erico Aristotle “Aris” Aumentado to sign a waiver on the Philippines’ bank secrecy law, urging full transparency on their financial records including that of his wife, 2nd District Congresswoman Vanessa Aumentado.

The challenge was issued during the Bohol Candidates’ Forum held at the MetroCentre Hotel in Tagbilaran City on Friday, March 14, 2025.

Lim, who is running against Aumentado in the May 2025 gubernatorial election, personally signed the waiver, allowing public scrutiny of his bank account.

However, Aumentado allegedly refused to sign, keeping his Statement of Assets, Liabilities, and Net Worth (SALN) confidential.

THE WAIVER

The waiver, which Lim wants Aumentado to sign, explicitly lifts confidentiality protections under several Philippine banking laws, including:

Republic Act No. 1405 (Law on Secrecy of Bank Deposits)

Republic Act No. 6426 (Foreign Currency Deposit Act)

Republic Act No. 8791 (General Banking Law of 2000)

The document states that “all banks duly licensed by the Bangko Sentral ng Pilipinas” would be authorized to disclose details of the signatories’ accounts, including balances and transactions, to “anyone who should inquire with banks.”

The waiver further says that the disclosure aims to reveal “the wealth that we have accumulated while in public office.” It remains valid as long as the signatories hold or seek public office.

RESPONSE

Aumentado has not publicly responded to Lim’s challenge.

His SALN, a public document that discloses government officials’ assets and liabilities, remains undisclosed to the public.

Critics argue that withholding the SALN contradicts calls for government transparency, especially amid corruption concerns.

The Philippines has some of the world’s strictest bank secrecy laws, which shield depositors’ accounts from scrutiny except in cases of written consent, court orders, or specific investigations by the Anti-Money Laundering Council (AMLC).

While these laws were designed to protect financial privacy, they have also been criticized for enabling corruption, making it difficult to track illicit wealth among politicians.

Efforts to amend the laws, particularly to require government officials to waive bank secrecy protections, have faced resistance in Congress.

Lim’s challenge aligns with calls for greater financial transparency among public officials.

Atty. Dan Lim’s supporters argue that signing the waiver should be a standard practice for politicians seeking public trust.

With the May 2025 elections approaching, the waiver issue could become a factor in the gubernatorial race, testing both candidates’ commitment to transparency and accountability.