The House Committee on Banks and Financial Intermediaries approved a proposal to ease the Bank Secrecy Law to bolster the government’s campaign against graft and corruption.
Camarines Sur 2nd District Representative Luigi Villafuerte, one of the bill’s authors, said the approved unnumbered substitute bill seeks to amend the Secrecy of Bank Deposits Law (Republic Act 1405) and empower the Bangko Sentral ng Pilipinas (BSP) to examine bank deposits of individuals and corporations linked to irregularities and illegal activities.
Eight similar bills were consolidated to reduce the “absolutely confidential nature” of bank deposits in the country.
“Lifting the secrecy of bank deposits will certainly complement the government’s drive for greater transparency with the recent decision by Ombudsman (Jesus Crispin) Remulla to restore public access to the SALNs (Statement of Assets, Liabilities, and Net Worth) of both appointed and elected public officials,” Villafuerte said.
“The approval of this bill further addresses the push by business groups for the government to strengthen transparency and accountability in government as a better means to combat official corruption,” he added.
Villafuerte noted that a similar bill was approved by the House in the previous Congress but stalled in the Senate.
The measure is included in the Common Legislative Agenda (CLA) endorsed by President Bongbong Marcos and the Legislative-Executive Development Advisory Council (LEDAC) as a priority in the 20th Congress.
His brother, Camarines Sur 5th District Representative Migz Villafuerte, also filed a similar proposal incorporated in the substitute bill.
“The BSP should be exempted from the provision of bank secrecy to examine questionable bank accounts involved in irregularities and illegal activity,” he said.
Migz added that technology has accelerated financial transactions, making it unnecessary to visit banks in person.
“There are even banks that allow online deposits of their checks, which means that depositing money in bank accounts can now be accessible with just a few clicks of the mobile phones of depositors, making money flow in the economy faster as well,” he said.
The Villafuertes stressed that abuses of RA 1405, enacted 70 years ago, remain a concern among certain individuals and companies.