Senator wants revision of bank secrecy law 

SEN. Joel Villanueva on Wednesday filed a bill aiming to lift some restrictions in the country’s existing bank secrecy law to enable “measured“ transparency and fight corruption.

Senate Bill 1728 seeks to “modernize a legal framework that has remained virtually untouched for more than seven decades.“

Senator Villanueva declared in Senate: “For over seventy years, the Philippines has maintained one of the most restrictive bank secrecy regimes in the world.

“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 law’s current framework, Villanueva pointed out, ”hindered transparency, obstructed accountability, and weakened our capacity to fight corruption and financial crime.”

The new measure introduced by Villanueva called the Banking Reform for Integrity, Good Governance, Honesty, and Transparency (Bright) Act, aims to enhance transparency and integrity in the country’s financial system.

“The Bright Act proposes not but measured, not wholesale transparency under very specific, legitimate circumstances,“ Villanueva explained.

Among its purposes are: investigations by the courts; inquiries by Congress, including impeachment proceedings; investigations conducted by the Office of the Ombudsman; supervisory examinations by the Bangko Sentral ng Pilipinas (BSP); inquiries by the Anti Money Laundering Council, Bureau of Internal Revenue, and specific financial regulators; lawful access for the settlement of estates of deceased depositors; and voluntary authorization by the depositor.