Section 22December 9, 1992, Sec./Art. 22

Disclosure and Divestment of Financial Interest. – Before assumption of office, the Secretary of the Department, the Undersecretaries, and the Assistant Secretaries shall submit to the Civil Service Commission a list of all companies, partnerships, or business enterprises, including nonprofit organizations, in which he or any immediate member of their families within the second degree of consanguinity or affinity have any form of financial interests or employment relationship, including consultancy: Provided, however, That all other forms of employment relationship held by the heads of the offices of the Department shall be immediately upon assumption of office.

Within thirty (30) days thereafter, complete divestments of financial interests in any institution, firm, or company which fall under the supervisory or regulatory jurisdiction of the Department shall be made: Provided, however, That in cases where confirmation of appointment by the Commission on Appointments is required, the divestment mandated herein shall be complied with within thirty (30) days after such confirmation.

The divestment prescribed in the preceding paragraph shall likewise apply to the member of the immediate family within the second degree of consanguinity having interest in any institution or activity which falls under the regulatory jurisdiction or supervision of the Department and the attached agencies.