'Senate's open probe on heist putting PH gains at risk' | ABS-CBN
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'Senate's open probe on heist putting PH gains at risk'
ABS-CBN News
Published Mar 31, 2016 05:18 PM PHT
Ex-Finance chief says hearings should be held behind closed doors
Ex-Finance chief says hearings should be held behind closed doors
MANILA - Former Finance Secretary Roberto de Ocampo said the country's economic gains may be at risk because of the Senate's public probe into the $81-million money laundering heist.
MANILA - Former Finance Secretary Roberto de Ocampo said the country's economic gains may be at risk because of the Senate's public probe into the $81-million money laundering heist.
De Ocampo said the money laundering incident in Rizal Commercial Banking Corp. (RCBC) appears to be an "isolated case" and is "largely limited to one branch of one bank," yet it has become a "global spectacle" because of the televised Senate investigation.
De Ocampo said the money laundering incident in Rizal Commercial Banking Corp. (RCBC) appears to be an "isolated case" and is "largely limited to one branch of one bank," yet it has become a "global spectacle" because of the televised Senate investigation.
"If we continue on this path, the gains we have had in the past will be at risk: our credit rating, foreign investments, economic growth and even our international banking and financial operations," De Ocampo said in a statement.
"If we continue on this path, the gains we have had in the past will be at risk: our credit rating, foreign investments, economic growth and even our international banking and financial operations," De Ocampo said in a statement.
He noted that Philippine banks’ remittance operations abroad are already experiencing tighter scrutiny from their partner foreign banks.
He noted that Philippine banks’ remittance operations abroad are already experiencing tighter scrutiny from their partner foreign banks.
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"That is bad news to our roughly 12 million OFWs [overseas Filipinos]. And that is only one example of problems we may be creating for ourselves over an isolated situation," he said.
"That is bad news to our roughly 12 million OFWs [overseas Filipinos]. And that is only one example of problems we may be creating for ourselves over an isolated situation," he said.
De Ocampo suggests that subsequent hearings in the Senate should be held behind closed doors because he believes it will yield even more information.
De Ocampo suggests that subsequent hearings in the Senate should be held behind closed doors because he believes it will yield even more information.
"I understand the need to investigate but I urge sobriety and circumspection lest we unwittingly put national interest at risk. With this in mind, if we must continue to dig deeper, we must spare our institutions and our nation which has shown tremendous growth potential in the past years," the former finance chief said.
"I understand the need to investigate but I urge sobriety and circumspection lest we unwittingly put national interest at risk. With this in mind, if we must continue to dig deeper, we must spare our institutions and our nation which has shown tremendous growth potential in the past years," the former finance chief said.
"Our banking system is strong and our bankers noted to be among the best in the region. Our BSP [Bangko Sentral ng Pilipinas] governor has even been recognized more than once as central bank governor of the year. Even the embattled RCBC is among our most reputable banks and has served the public well over many decades," he added.
"Our banking system is strong and our bankers noted to be among the best in the region. Our BSP [Bangko Sentral ng Pilipinas] governor has even been recognized more than once as central bank governor of the year. Even the embattled RCBC is among our most reputable banks and has served the public well over many decades," he added.
De Ocampo said the investigation in aid of legislation could result in a positive outcome, namely strengthening the Anti-Money Laundering Act (AMLA) to include casinos, and the preservation of the globally recognized reputation of our banking system.
De Ocampo said the investigation in aid of legislation could result in a positive outcome, namely strengthening the Anti-Money Laundering Act (AMLA) to include casinos, and the preservation of the globally recognized reputation of our banking system.
The next Senate hearing is scheduled on April 5.
The next Senate hearing is scheduled on April 5.
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