Escudero: Law requires foreign currency funds declared in peso in SALNs

MANILA, Philippines — Public officials are required by law to declare foreign currency funds converted to local values in their Statement of Assets, Liabilities, and Net Worth (SALNs), Senate Impeachment Court Presiding Officer Francis Escudero stated on Tuesday. Escudero made the statement during the impeachment trial of Vice President Sara Duterte, amid discussions concerning the declaration of foreign currency assets in SALNs. He emphasized that foreign currencies, which are traded in the foreign exchange market, should be declared at their peso equivalent at the time of reporting. This is a crucial procedure to ensure transparency in public officials' assets and to gain public trust. In the Philippines, the disclosure of assets of public officials is one of the key mechanisms aimed at preventing corruption and ensuring accountability. The SALN is submitted by public officials upon assumption of office and annually thereafter, disclosing their asset situation to the public. Escudero's clear statement this time may serve as a benchmark for similar cases in the future, clarifying the legal interpretation of declaring foreign currency assets in SALNs. Particularly in the Philippines, where remittances from abroad and overseas asset holdings are significant, adherence to this rule is considered important.