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    Posted February 7, 2014 by
    omeroscar
    Location
    Manila

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    Philippines to ban retired officials

     

    RETIRED and incumbent officials of the Philippine government may soon be prohibited from being appointed to international and domestic financial institutions, according to a bill filed Friday.
    In House Bill 3310 filed by Rep. Rufus Rodriguez of Cagayan de Oro City, retired officials of the government who have participated or whose offices have participated directly or indirectly in the negotiation with international and domestic creditors are prohibited from being employed by foreign and domestic creditors within two years from their retirement or separation from the government.
    The 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 from the government might also influence incumbent officials in their negotiations either for new loans or debt restructuring, by accommodating the interest of the creditors to the prejudice of the government.
    "Our financial managers and debt negotiators have access to vital information, which these financial institutions could use against the economic and financial interest of the Philippine government," Rodriguez said.
    He also said there have been a number of former officials of the government who took part in the negotiation for loans with foreign and domestic creditors, who were later employed by these financial institutions.
    "Considering the amount involved are billions of dollars and to avoid conflict of interest in the negotiators with our foreign creditors, it is imperative that the State shall regulate the right of our financial managers and negotiators to be employed with the domestic and international financial institutions that extended loan to our government," the lawmaker stressed.
    Rodriguez said the bill also seeks to promote nationalist consciousness among people and a higher sense of ethical standard among economic and financial managers.

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