Six of the country’s largest business organizations have called on lawmakers to amend the Philippines’ stringent bank secrecy laws, saying these outdated regulations have long obstructed the fight against corruption, tax evasion, and money laundering.
In a joint statement, the groups expressed support for revising Republic Act No. 1405 or the Law on Secrecy of Bank Deposits and Republic Act No. 6426 or the Foreign Currency Deposit Act. They stressed that the rigid nature of these laws hampers effective investigation and prosecution of financial crimes.
“These two laws, individually and collectively, by their stringent and rigid nature, have acted and continue to act as straitjackets on regulators, preventing them from being efficient in undertaking measures, such as investigating and prosecuting people involved in corruption and money laundering,” the statement read.
The groups added that reforming these laws would help align the Philippines with international standards on financial transparency and anti-money laundering, while strengthening the integrity of both public and private financial systems. They also emphasized that such reforms would boost the country’s credibility and competitiveness in the global market.
Among the signatories to the joint statement were the Filipina CEO Circle, Financial Executives of the Philippines (FINEX), Institute of Corporate Directors, Justice Reform Initiative, Management Association of the Philippines (MAP), and the Makati Business Club (MBC).