Politics · Philippines Bureau
Foreign currency holdings must be declared in pesos, Senate official says
Senate Impeachment Court Presiding Officer Francis Escudero clarified that Philippine law requires public officials to convert and declare foreign currency assets in their financial disclosure statements. The ruling emerged during Vice President Sara Duterte's impeachment trial.
LSN Philippines ·
MANILA — There exists a legal requirement for public officials to declare foreign currency holdings converted to peso values in their Statements of Assets, Liabilities, and Net Worth, Senate Impeachment Court Presiding Officer Francis Escudero stated Tuesday.
Escudero made the clarification during the impeachment proceedings against Vice President Sara Duterte, when the matter of foreign currency declarations came under discussion. The requirement ensures that all asset disclosures comply with standardized reporting protocols for public officials.
The ruling underscores the importance of transparent financial reporting by government officials. Public officials are mandated to disclose their complete financial holdings, including foreign currency reserves, through their SALN filings, which serve as a key tool for monitoring potential conflicts of interest and unexplained wealth.
The statement came as part of broader proceedings examining various financial disclosures related to the Vice President's assets and liabilities. Escudero's clarification establishes that foreign currency funds cannot simply be omitted from SALN submissions but must be converted to Philippine pesos and properly declared as required by existing regulations.