Amends disclosure for certain public officials

All public officers are required to prepare and file a true, detailed, and sworn statement of assets and liabilities.
The statement must include:
- Amounts and sources of income.
- Amounts of personal and family expenses.
- Amount of income taxes paid for the preceding calendar year.

The filing must be done within thirty days after the approval of the Act or assuming office.
Subsequent filings are to be made every January of every other year.
Filing must also be done upon:
- Expiration of term of office.
- Resignation.
- Separation from office.
The statement must be filed with the appropriate office depending on the official's position:
- With the Department Head for regular public officers.
- With the Office of the President for Heads of Departments or chiefs of independent offices.
- With the Office of the Secretary of the respective House for members of Congress and their employees.

Public officers assuming office less than two months before the end of the calendar year may file their first asset statement in the following January.

The amendment explicitly exempts the following from the requirement to file statements:
- Classroom teachers.
- Laborers.
- Casual and temporary employees.
- Barrio officials.