{"id":19345,"date":"2012-06-06T03:07:50","date_gmt":"2012-06-06T03:07:50","guid":{"rendered":"http:\/\/www.clearwaterphilippines.com\/wordpress\/?p=19345"},"modified":"2012-06-06T03:07:50","modified_gmt":"2012-06-06T03:07:50","slug":"amlc-backs-more-exceptions-to-foreign-deposit-law","status":"publish","type":"post","link":"http:\/\/www.clearwaterphilippines.com\/resort\/2012\/06\/amlc-backs-more-exceptions-to-foreign-deposit-law\/","title":{"rendered":"AMLC backs more exceptions to foreign deposit law"},"content":{"rendered":"

THE Anti-Money Laundering Council (AMLC) is in favor of a proposed law in the House of Representatives that would expand the exceptions on the disclosure of dollar deposits.
\nA week after former Chief Justice Renato Corona was convicted by the impeachment tribunal, the House Committee on Banks and Financial Intermediaries discussed on Tuesday House bills amending Republic Act (RA) 6426 or the Foreign Currency Deposit Act.
\nPresent in the committee hearing was AMLC Executive Director Vicente Aquino.
\nTo recall, the AMLC earlier provided Ombudsman Conchita Carpio-Morales a document detailing the transactions in Corona\u2019s alleged 82 dollar accounts.
\n\u201cThe Foreign Currency Deposit Act should be amended to increase the number of exceptions. These proposed amendments shall not modify or amend or repeal the provisions of the AMLC,\u201d Aquino told reporters in an ambush interview.
\nAquino, meanwhile, refused to comment on the conviction of Corona for his failure to truthfully disclose his assets and net worth.
\n\u201cIt\u2019s over. We have learned a lot, a lot of good lessons,\u201d he briefly said.
\nRA 6426 was Corona\u2019s excuse for his non-declaration of dollar deposits in his statement of assets, liabilities and net worth (SALN).
\nContrary to Ombudsman Morales\u2019s claim that he has at least $10 million in transactions in 82 dollar accounts, Corona earlier told the impeachment tribunal that he only has $2.4 million in four dollar accounts.
\nCorona argued that under RA 6426, foreign currency deposits shall be absolutely confidential \u201cexcept upon the written permission of the depositor.\u201d
\nIn House Bill 5809, ACT Teachers party-list Representative Antonio Tinio is proposing that the exceptions provided under RA 1405 or the Bank Secrecy Law be applied as well to RA 6426.
\nUnder the Bank Secrecy Law, peso deposits are absolutely confidential \u201cexcept upon written permission of the depositor, or in cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of duty of public officials, or in cases where the money deposited or invested is the subject matter of the litigation.\u201d
\nLeyte Representative Sergio Apostol, chairman of the House Committee on Banks and Financial Intermediaries, for his part, however, said he was not in favor of adding exceptions to RA 6426.
\n\u201c(I\u2019m) not really (in favor). It will depend on the recommendations of the technical working group (TWG) and the committee as a whole,\u201d Apostol said in an interview.
\nCamarines Sur Representative Luis Villafuerte, vice chairperson of the committee, said the Foreign Currency Deposit Act should be clarified to \u201caddress the evils that are deemed to rise with respect to deposits of government officials.\u201d
\n\u201cThe objective of the foreign currency deposit law is that it should not be used as a haven of crooks\u2026 We should remove all vagueness in the (absolute confidentiality) provision,\u201d he stressed.
\nSurigao del Sur Representative Philip Pichay\u2019s interpretation of the law is similar to that of the former Chief Justice.
\n\u201cUnder the existing law, we should not state it. Put it in the amendment that it (foreign currency deposits) should be reported,\u201d Pichay added.
\nOn the other hand, Senior Citizens party-list Representative David Kho pointed out that all cash assets\u2014whether peso or dollar\u2014make no distinction.
\n\u201cWhen the law does not distinguish, we should not distinguish,\u201d he said.
\nDuring the committee deliberations, Paranaque Representative Roilo Golez, who was appointed to head the TWG, said the House panel should consider inviting Corona to its hearings to \u201cenrich the appreciation\u201d of the law.
\nhttp:\/\/www.sunstar.com.ph\/manila\/local-news\/2012\/06\/05\/amlc-backs-more-exceptions-foreign-deposit-law-225308<\/p>\n

Each year in February the Philippines hot air balloon festival returns to Clark Pampanga. Visitors planning to attend this popular event in Clark opt to stay in Clearwater Resort which is considered to be the best hotel in Clark Philippines. This hotel in Clark is also a favorite holiday destination near Manila during Holy Week, Easter, Christmas and New Year holidays also. This hotel in Clark is also one of the best resorts near Manila for families to relax, unwind and enjoy the outdoor facilities of this popular resort in Clark Philippines. Even during school breaks, families would take their children to enjoy the outdoor facilities of this popular resort in Pampanga which is located quite near to Manila.
\nFamilies with small children prefer outdoor resort in Manila clean and safe place in Pampanga Clark to bring kids to relax and unwind. Highly recommended resort for family reunion near Manila is Clearwater Lake Hotel Clark Pampanga.<\/p>\n

Philippines Travel Guide just unveiled recommendations and tips for Holy Week and Easter Holidays in Philippines. The report covers highly recommended resorts and hotels in North Luzon, nice getaway destinations for families with children, safe and convenient place for tourists to relax and unwind, good restaurants, resto bars, pubs and fine dining establishments in Pampanga, frequently visited places as well as historical sites in Angeles City, Pampanga, Clark Philippines. Clearwater is one of the best hotels in Clark. This resort in Pampanga is a very popular venue for rest and relaxation especially for golfers after a round of golf at one of the best golf courses near Manila. Clark is home to some of the best golf courses in Pampanga.<\/p>\n

Highly recommended summer vacation destination outside Manila is Clearwater Beach Resort in Clark, a safe and convenient tourist spot that offers natural ambience for visitors to enjoy the outdoors with no stress. Generally regarded as the best hotel in Clark Philippines, Clearwater Resort gives its guests a sense of safety, peacefulness and security, things that families and tourists look for when they plan a trip to Pampanga. These are some of the virtues that tourists coming to the Philippines and visitors of Pampanga Clark Philippines look for. That\u2019s why most visitors prefer to stay at this top rated hotel in Clark whenever they make a trip out of town from Manila towards the north, Pampanga, Subic or Angeles city.<\/p>\n

Residents or Manila travel out of town to head north to Pampanga to relax, unwind and spend a few nights in the new hotel rooms situated right on the lake of Clearwater Resort in Clark Airbase. Many visitors and tourists enjoy the feeling of waking up by the lake. The sunrise produces a spectacular sight with the sunlight reflection on the calm surface of the three-hectare fresh water lake of this famous resort in Clark. This hotel in Clark Philippines is generally considered by Manila residents to be a good and safe destination and vacation spot for family trips in Pampanga.<\/p>\n

Where to go during Holy Week and other holidays in Philippines? Highly recommended private resort in Pampanga is popular destination for Easter Holidays and other celebrative occasions. Manila residents travel out of town on holidays to relax and unwind with families, children and friends in private resorts in Pampanga. These exclusive hotel resorts are frequently visited by tourists and residents of Manila for vacation or even a day trip out of town to the north in Subic, Pampanga Angeles City and Clark Philippines. Clark Pampanga is where tourists and families can enjoy the laidback leisure lifestyle that is so relaxing for people who feel the stress from city living. Event organizers laud this resort in Pampanga for its great outdoor venues ideal for team building and company outings near Manila.<\/p>\n

Top rated destination for family reunion, bonding, retreat, picnic and getaway out of town from Manila is Clearwater Beach Resort; frequently visited spots are lake, picnic grounds; water sports, boating, swimming, kayak, camping. The private resort’s child friendly facilities are attractive to Manila residents and family tourists also.<\/p>\n

Located inside the ring of the lazy river is one of the largest herb gardens in North Luzon. The Herb Garden of this private resort in Pampanga also serves as an event venue for company outings, family picnics, team building and other outdoor corporate and social functions. The river provides a high degree of privacy for this venue making it an attractive option for wedding planners to consider the Herb Garden Picnic Grounds as a possible choice for garden style wedding receptions also.<\/p>\n

What really defines the ambience and lifestyle of this private outdoor resort in Clark is its spacious picnic grounds. The largest one is called the Brunello Garden which can easily accommodate functions and events for 3000 or more. Being several hectares in area, this amenity of Clearwater Resort is frequently visited for family picnics. Visitors from Manila travel to Clark to unwind and relax underneath old Acacia trees in the Brunello Gardens. This is one way for stressed out city residents to spend quality time in a leisure laidback pace. <\/p>\n

Quiet place for rest and relaxation near Manila, in Subic, Angeles City Pampanga and Clark Philippines is something that residents of Manila travelling to the north for a short getaway are looking for.<\/p>\n

For inquiries and bookings, Please click here to contact Clearwater Resort for inquiries and reservations now<\/a><\/p>\n

Clearwater Resort and Country Club, Clark Pampanga <\/strong>
\nCreekside Road near Centennial Expo,
\nClark Freeport, Pampanga Philippines 2023
\n(045) 889-5151 0917-520-4403 0922-870-5177
\nJoanne or Jeremy or Loydha<\/p>\n

Getting to this lake and beach resort in Pampanga Angeles City Clark Philippines<\/strong><\/p>\n

After entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway MA Roxas, passing the stand-along wine shop called Clark Wine Center on the right, continue to bear right making no turns at all, go past Mimosa Leisure Estate on the opposite side of the road, one will hit a major intersection. Go straight and the road becomes Creekside Road. YATS Clearwater Resort and Country Club is on the right just 200m down. <\/em><\/p>\n

\"\"<\/a>

Family Bonding by the famous lake of Clark Pampanga<\/p><\/div>\n

http:\/\/www.ClearwaterPhilippines.com<\/a><\/strong><\/p>\n

Manila Sales Office<\/strong>
\n3003C East Tower, Phil Stock Exchange Center,
\nExchange Rd Ortigas Metro Manila, Philippines 1605<\/em>
\n(632) 637-5019 0917-520-4393 Rea or Chay<\/p>\n

Email: Inquiry@ClearwaterPhilippines.com<\/p>\n