In 1974 Philippine Dictator Ferdinand Marcos signed into law the Foreign Currency Deposit Act (FCDA), also known as Republic Act No. 6426. The law made bank deposits in foreign currencies almost completely secret to everyone including the courts and government agencies. Philippine banks have thus become a repository of ill-gotten wealth. In the interest of transparency and good governance, there is a move in the Philippine Congress to repeal or revise this onerous law. Since the US is in the process of transferring the Coast Guard Cutter Dallas to the Philippine Navy. We want this transfer made contingent on the repeal or revision of the banking law in question. Law abiding Filipinos want the law repealed and this is a way to induce the Philippine government to act in that regard.
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