AMLC backs more exceptions to foreign deposit law

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.
A 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.
Present in the committee hearing was AMLC Executive Director Vicente Aquino.
To recall, the AMLC earlier provided Ombudsman Conchita Carpio-Morales a document detailing the transactions in Corona’s alleged 82 dollar accounts.
“The 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,” Aquino told reporters in an ambush interview.
Aquino, meanwhile, refused to comment on the conviction of Corona for his failure to truthfully disclose his assets and net worth.
“It’s over. We have learned a lot, a lot of good lessons,” he briefly said.
RA 6426 was Corona’s excuse for his non-declaration of dollar deposits in his statement of assets, liabilities and net worth (SALN).
Contrary to Ombudsman Morales’s 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.
Corona argued that under RA 6426, foreign currency deposits shall be absolutely confidential “except upon the written permission of the depositor.”
In 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.
Under the Bank Secrecy Law, peso deposits are absolutely confidential “except 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.”
Leyte 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.
“(I’m) not really (in favor). It will depend on the recommendations of the technical working group (TWG) and the committee as a whole,” Apostol said in an interview.
Camarines Sur Representative Luis Villafuerte, vice chairperson of the committee, said the Foreign Currency Deposit Act should be clarified to “address the evils that are deemed to rise with respect to deposits of government officials.”
“The objective of the foreign currency deposit law is that it should not be used as a haven of crooks… We should remove all vagueness in the (absolute confidentiality) provision,” he stressed.
Surigao del Sur Representative Philip Pichay’s interpretation of the law is similar to that of the former Chief Justice.
“Under the existing law, we should not state it. Put it in the amendment that it (foreign currency deposits) should be reported,” Pichay added.
On the other hand, Senior Citizens party-list Representative David Kho pointed out that all cash assets—whether peso or dollar—make no distinction.
“When the law does not distinguish, we should not distinguish,” he said.
During 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 “enrich the appreciation” of the law.
http://www.sunstar.com.ph/manila/local-news/2012/06/05/amlc-backs-more-exceptions-foreign-deposit-law-225308

Although the Philippines is not known for being the wine capital of Asia, Clark Pampanga is the most frequently visited destination for wine lovers in Cebu, Angeles City and Manila to shop for some good vintage wine. The famous wine shop outside Manila called Clark Wine Center is the largest wine shop in Philippines which offers over 2000 selections of fine vintage wine from all wine regions, vintages spanning over 50 years covering all price ranges.

This wine shop in Clark is highly recommended as one of the best places to buy wine in Pampanga. Clark Freeport is just outside Manila near Subic and Angeles City Philippines is Clark Wine Center. Visitors buy wine in Manila and Pampanga should not miss stopping at this wine shop for a few bottles of fine vintage wines to bring home.

Established in 2002, YATS WINE CELLARS is a wholly-owned business unit of Hong Kong-based Yats International which owns and operates resort, wine shops, wine bars and fine-dining restaurant properties in Clark Freeport in The Philippines. YATS WINE CELLARS caters to a clientele of discerning wine lovers from all over the world. Besides a good selection of wine for everyday enjoyment, YATS offers a unique selection of aged vintage wines made available to wine enthusiasts at remarkably affordable prices. Vintages span over a century and the selection of old- and new-world wines covers all major wine regions.

Yats Leisure Philippines

Things to do in Clark Philippines and Pampanga: do a little wine shopping at the famous wine shop outside of Manila called Clark Wine Center. One of the favorite places to visit in Pampanga Clark Freeport is the white building along M A Roxas highway of Clark which houses over 2000 selections of fine vintage wines. The Clark Wine Center is one of the places to visit, a tourist spot and a good shopping place for those staying in Angeles City, Subic or Clark Pampanga.

http://www.ClarkWineCenter.com

Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.

Click here to contact Clark Wine Center in Clark Pampanga for inquiries and orders.

Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023

Tel: 0922-870-5173 0917-826-8790 (ask for Ana Fe)

Wine@Yats-International.com

YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Road, Ortigas Centger,
Metro Manila, Philippines 1605

Tel: (632) 637-5019 0917-540-3626 ask for Rea or Chay

Log on to this web site for more information about Yats Wine Cellars as the leading wine importer and wine supplier in the Philippines:

ats Wine Cellars Leading Wine Supplier in Philippines

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

http://www.PhilippinesWeddingVenue.com

While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com

Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

Besides good restaurants to wine and dine near Manila, Subic or in Angeles City Pampanga, Clark Philippines, those requiring assistance for hotel and resort bookings in Clark, Pampanga, Philippines may log on to http://www.HotelClarkPhilippines.com for more information and reservations.

The lifestyle in Clark Pampanga is quite unique. For more information about shopping, sports, golf, leisure, hotel accommodation, where to see and visit, what to do, where to wine and dine and good places to hang out, relax, have a drink with friends, child-friendly establishments, log on to
http://www.ClarkPhilippines.com

Wine lovers looking for a special bottle or something that is of great value and special discounts might log on to this web site to shop for fine vintage wines
http://www.YatsWineCellars.com

Those visitors who plan to relax and unwind in Angeles City, Subic, Pampanga, Clark Philippines might make an effort to book a room at the famous beach and lake resort Clearwater Resort & Country Club. This famous hotel in Clark Pampanga is frequently visited by families with children looking for a good place in Clark to see, a good holiday destination for the family to relax and unwind in the beautiful outdoor facilities. For more information, log on to www.ClearwaterPhilippines.com

Buy wine in Pampanga, Philippines at good wine shops and boutique wine stores that offer good selection of good vintage wines at all price points.

Good white wines that available at the wine shops in Manila and Pampanga include Puligny Montrachet, Chassagne Montrachet, Pouilly Fuisse, Corton Charlemagne, Montrachet, Batard Montrachet and Beaune. This makes it easy and convenient for wine lovers to buy wine in Manila. They are also great wines to include in wine gift baskets for delivery in the Philippines. This wine shop in Manila is also a good place to buy wines for giveaway.

Manila wine and food lovers looking for things to do in Pampanga and Manila can consider attending one of these wine events. The best way to learn more about wine in the Philippines is to attend public wine tasting events that have no sponsors. These wine tasting events held by Yats are non-commercial. Yats Wine Cellars does not promote a specific winery, producer or a brand. These wine tastings and wine dinners held in Manila and Pampanga are all designed to let wine lovers explore more interesting aspects of wine.

Buy wine in Quezon City, Metro Manila, Philippines at good wine shops and boutique wine stores that offer good selection of good vintage wines at all price points.

Wine lovers in Philippines can find good wines from major wine regions around the world in wine shops in Manila and Pampanga. Yats Wine Cellars is one of the wine shops in Philippines that offer a good selection of wines for giveaway. Among the good selections of fine vintage wines from Italy, Spain, Portugal, Germany, Austria and other parts of Europe. Rare vintage wines from Vega Sicilia, Biondi Santi, Sassicaia as well as the Ice wine from Germany can be found in good wine shops around Manila. This makes it easy and convenient for wine lovers to buy wine in Manila

Manila wine and food lovers looking for things to do in Pampanga and Manila can consider attending one of these wine events. Leading Philippines wine supplier and wine importer Yats Wine Cellars frequently hold public wine tasting in Clark, Pampanga and Manila. Even beginners can have a lot of fun attending these public wine tastings held by Yats. Participants enjoy good wine, learn some more about fine vintage wines and meet new friends during these wine tasting events of Yats Wine Cellars held in Manila and Pampanga