Bank and our wealth

Butch Bagabuyo

“Banking establishments are more dangerous than standing armies.” – Jefferson, Letter to Gerry

UNDOUBTEDLY, the only reason why our bank secrecy laws can never be overhauled is because of greed. Sadly, our 1987 Constitution made sure that our banks are the haven of the crooks. And because we all know that “a banker is a man who lends you an umbrella when the weather is fair, and takes it away from you when it rains,” our legislators, cabinet members and the Comelec tremble at the thought of making bankers face the music. Come to think of it, armed assassin rebels (kuno), drug lords, smugglers, terrorists, and all filthy rich individuals cannot help but “pabebe” everytime bankers come their way.
How lucky can they get!

Do you know that our former ruthless dictator, Ferdinand E. Marcos, signed into law on April 4, 1972 RA 6426 or “The Foreign Currency Deposits Act” five months before the declaration of Proclamation 1081 or Martial Law? This law made sure that our bank secrecy law becomes the world’s “strictest, according to two former US ambassadors, Francis Ricciardone and Kristie Kenney. Our banking laws are so strict that foreign currency deposits and our peso are almost absolutely confidential. No one but the crooks can take a peep except by consent of the depositor.

If you will recall during the impeachment of former Chief Justice Renato Corona, our own government bank, PSB, refused to honor the order of the Senate to open the foreign currency account of the accused. To ensure that the bank accounts of the former Chief Justice remains sealed, our own Supreme Court came to the rescue by issuing the infamous TRO (Temporary Restraining Order). Lo and behold, not even a whimper did we hear from exceptionally loud-mouthed legislators. Remember?
Our other bank secrecy law, RA 1405, was signed into law by our well-loved President Ramon Magsaysay on Sept. 9, 1955, courtesy of the Americans, most likely. This law did not include foreign currency deposit. But it is as well the strictest in the world. Deposits are almost absolutely confidential and worst, the penalty is only an imprisonment of not more than five years, hence, within the probation law, and a fine worth less than crumbs.

Undoubtedly, our 1987 Constitution needs an immediate overhaul. Otherwise, the poor, especially from our paradise-like islands of Mindanao-Sulu-Palawan-Tawi-Tawi, will be constrained to avail of our God-given right to rise and exert our sovereignty through a non-violent People Power.

We are still hopeful that the only leader in the entire country who is capable of imposing a revolutionary government would be elected our next President of the country or become the first President of the Independent Federal Republic of Mindanao.
Tsada, di ba?
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“Riches either serve or govern the possessor.” – Horace
Because “the wealth of nations is men, not silk and cotton and gold” (Richard Hovey, Peace), let us show the world that indeed People Power came to be only because we, Mindanaoans, showed them the way––but only to lose it to Imperial Manila, the trapos and the filthy rich along the way.

Let us all teach our babies that when Imperial Manila, the trapos and the filthy rich were trembling in fear for their ill-gotten possessions, our three young intellectuals––Aquilino Q. Pimentel Jr., Homobono A. Adaza and Reuben R. Canoy, lawyers all, whose love of country was as full as their pockets were practically empty––took the road less travelled and the rest is the unwritten history for now but not for long.

Today, Mindanao has both the ability and the opportunity to right the wrong that our former leaders, not excluding the present, have inflicted on us. Let not that costly split of our once most promising young intellectuals lead us to perdition once again. Bear in mind that Pimentel, Adaza and Canoy are aging yet full of wisdom, all the more. Let us implore them to unite once again and plead for our country.

Trust me, only “Du30” is our nation’s political phenomenon next only to the teleserye “AlDub Nation.” Every time he says no to the presidency, his invincibility gains more power, hence, the dawning of the New Order is well within reach–– equality between capital and labor and rich and poor.

Hopefully with divine providence, “Super Digong” would find us worth fighting for.

Tsada, di ba?