Senate Deputy Minority Leader Joel Villanueva has filed Senate Bill No. 1728, or the proposed Banking Reform for Integrity, Good Governance, Honesty, and Transparency (BRIGHT) Act, seeking to modernize the country’s outdated bank secrecy laws.
Villanueva said the current framework has become a barrier to transparency, accountability, and anti-corruption efforts.
The measure would allow disclosure and examination of bank deposits under defined conditions, including investigations by the Office of the Ombudsman, congressional inquiries, anti-graft probes, regulatory examinations by the Bangko Sentral ng Pilipinas, and lawful access by tax authorities.
“Our failure to modernize our bank secrecy regime has long left us behind. We have fallen out of step with global expectations and regional standards. And we continue to tie the hands of the very institutions tasked with protecting the integrity of our financial system,” Villanueva said.
He added, “What was originally crafted to protect depositor confidence has, over time, evolved into a shield for impunity, a refuge for illicit wealth, and a serious obstacle to effective financial regulation.”
The bill outlines which agencies may order examinations and includes a “safe harbor” clause for banks complying with mandatory disclosures. It also penalizes unjustified refusals to disclose deposits and misuse of access authority.
Villanueva emphasized that the reform would aid in recovering stolen public funds, curb money laundering, and improve tax enforcement.
“The BRIGHT Act is not merely a compliance measure, it is a governance reform, an anti-corruption reform, and a national integrity reform,” he said.
“Transparency is not the enemy of progress—secrecy is. The era when bank secrecy could be used to hide wrongdoing must come to an end. And with the BRIGHT Act, the Philippines can finally join the rest of the world in upholding modern standards of financial integrity,” Villanueva added.