You are on page 1of 1

FEB.

7, 2014

NR # 3370

Bill to ban retired and incumbent officials from employment with international and domestic creditors
Retired and incumbent officials of the Philippine government may soon be prohibited from being appointed to international and domestic financial institutions. Reps. Rufus Rodriguez (2nd District, Cagayan de Oro City and !a"imo Rodriguez #r. (Party$list, %bante !indanao filed &ouse 'ill (()*, +hich provides that retired officials of the government +ho have participated or +hose offices have participated directly or indirectly in the negotiation +ith international and domestic creditors are prohibited from being employed by foreign and domestic creditors +ithin t+o years from their retirement or separation from the government. ,he prohibition on employment shall include consultancy, contract of services, management contracts or similar agreements or schemes. Rodriguez said the prospect of being employed by these financial institutions after retirement or separation for the government might also influence incumbent officials in their negotiations either for ne+ loans or debt restructuring, by accommodating the interest of the creditors to the pre-udice of the government. .Our financial managers and debt negotiators have access to vital information, +hich these financial institutions could use against the economic and financial interest of the Philippine government,/ Rodriguez said. Rodriguez said there have been a number of former officials of the government +ho too0 part in the negotiation for loans +ith foreign and domestic creditors, +ho +ere later employed by these financial institutions. .Considering the amount involved are billions of dollars and to avoid conflict of interest in the negotiators +ith our foreign creditors, it is imperative that the 1tate shall regulate the right of our financial managers and negotiators to be employed +ith the domestic and international financial institutions that e"tended loan to our government,/ Rodriguez stressed. Rodriguez said the bill also see0s to promote nationalist consciousness among people and a higher sense of ethical standard among economic and financial managers. .2t +ill partly implement the constitutional mandate to develop a self$reliant and independent national economy effectively controlled by 3ilipinos,/ Rodriguez said. ,he bill also prohibits incumbent officials of the government +ho have participated in or +hose office has participated directly or indirectly in the negotiation +ith financial institutions to be employed +ith the foreign and domestic creditors +ithin t+o years from their resignation or separation. ,he measure imposes a penalty of imprisonment of five years for violators and the forfeiture of their salaries and all benefits received. ((* lvc