A bill has been filed in the House of Representatives seeking to amend the Bank Secrecy Law, granting the Bangko Sentral ng Pilipinas (BSP) limited authority to examine bank accounts when there is a reasonable suspicion of illegal activity.
Leyte 1st District Representative Martin Romualdez, along with Tingog Party-list Representatives Andrew Julian Romualdez and Jude Acidre, authored the measure, stating that the current law is often misused as a shield for illicit acts.
“In its current form, the law is being used to shield illegal acts such as money laundering, tax evasion, and corruption. That needs to change,” Romualdez emphasized.
Under the proposed amendments, the BSP would be granted authority to investigate bank deposits, but only under strict conditions, particularly when supported by credible evidence of unlawful conduct.
Meanwhile, in the Senate, Senator Francis “Chiz” Escudero has filed a similar measure, this time focusing on public officials. His bill would require all government officials and employees to submit a written waiver granting access to their deposits and investments, effectively exempting them from the Bank Secrecy Law.
The twin proposals reflect growing legislative support for increasing transparency in financial transactions and promoting accountability, especially among public servants.