Section 15Sec./Art. 15

Full Disclosure of Financial and Business Interests of Sangguniang Panlungsod Members. (a) Every Sangguniang Panlungsod member shall, upon assumption to office, make a full disclosure of their business and financial interests. Such disclosure shall also include a professional relationship or any relation by affinity or consanguinity within the fourth (4th) civil degree, which a Sangguniang Panlungsod member may have with any person, firm, or entity affected by any ordinance or resolution under consideration by the Sangguniang Panlungsod and which relationship may result in conflict of interests. Such relationship shall include:

(1) Ownership of stock or capital, or investment in the entity or firm to which the ordinance or resolution may apply; and

(2) Contracts or agreements with any person or entity which the ordinance or resolution under consideration may affect.

In the absence of a specific constitutional or statutory provision applicable to the situation, "conflict of interest" refers to a situation where it may be reasonably deduced that a member of the Sangguniang Panlungsod may not act in the public interest due to some private, pecuniary, or other personal considerations that may tend to affect the exercise of judgment to the prejudice of the service or the public.

(b) The disclosure under this Act shall be made in writing and submitted to the Secretary to the Sangguniang Panlungsod or of the concerned committee. The disclosure shall, in all cases, form part of the record of the proceedings and shall be made in the following manner:

(1) Disclosure shall be made before the member participates in the deliberations on the ordinance or resolution under consideration: Provided, That if the member did not participate during the deliberations, the disclosure shall be made before voting on the ordinance or resolution on second and third readings; and

(2) Disclosure shall be made when a member takes a position or makes a privilege speech on a matter that may affect the business interest, financial connection, or professional relationship described herein.