TWENTIETH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES )
First Regular Session 
)
SENATE
JIJL-7 A 8 54
Senate Bill No. 150
Introduced by Senator Juan Miguel F. Zubiri
AN ACT
EXEMPTING GOVERNMENT OFFICIALS AND EMPLOYEES FROM THE PROHIBITION 
AGAINST DISCLOSURE OF OR INQUIRY INTO DEPOSITS WITH ANY BANKING 
INSTITUTION, AMENDING FOR THE PURPOSE CERTAIN PROVISIONS OF 
REPUBLIC ACT NO. 1405, OTHERWISE KNOWN AS THE "SECRECY OF BANK
DEPOSITS LAW"
EXPLANATORY NOTE
The Bank Secrecy Law was enacted in 1955 to safeguard the right to privacy of depositors and 
encourage them to entrust their money to banking institutions, thereby boosting capital and 
stimulating the post-war economy.
Since the law was first passed, the banking landscape has changed drastically. To date, the 
Philippines remains one of the only countries to still maintain a restrictive bank secrecy law, 
while the rest of the globe moves towards transparency and public accountability.
The Bank Secrecy Law, originally intended to boost the economy, has now made the country's 
banking sector susceptible to exploitative entities who hide under the cover of bank secrecy for 
their financial crimes. Instead of economic growth, bank secrecy has been used to plunge the 
country into crime and corruption.
Of most grave concern are public funds entrusted to public officials. Bank Secrecy Laws 
inadvertently protect public officials who may be using the country's banks for dubious 
activities, such as keeping ill-gotten wealth and committing tax evasion.
The Bank Secrecy Law does admit certain exceptions, such as in cases of impeachment, or by 
virtue of a court order in cases of bribery or dereliction of duty of public officials. This bill, 
however, proposes to go further by amending the current Bank Secrecy Law to categorically 
exclude all government officials and employees from it.
This amendment aims to promote accountability and transparency and empower law 
enforcement authorities to go after corrupt individuals in government.
In view thereof, the early passage of this bill is earnestly recommended.
IGUEL F. ZUBIRI


TWENTIETH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES )
First Regular Session 
)
SENATE
Senate Bill No.
150
^5 JUl -7 AS -S4
Introduced by Senator Juan Miguel F. Zubiri
AN ACT
EXEMPTING GOVERNMENT OFFICIALS AND EMPLOYEES FROM THE PROHIBITION 
AGAINST DISCLOSURE OF OR INQUIRY INTO DEPOSITS WITH ANY BANKING 
INSTITUTION, AMENDING FOR THE PURPOSE CERTAIN PROVISIONS OF 
REPUBLIC ACT NO. 1405, OTHERWISE KNOWN AS THE "SECRECY OF BANK
DEPOSITS LAW"
Be it enacted by the Senate and House of Representatives of the Philippines in Congress 
assembled:
1 
SECTION 1. Section 2 of Republic Act No. 1405, otherwise known as the "Secrecy of
2 
Bank Deposits LaW is hereby amended to read as follows:
3 
"Section 2. All deposits of whatever nature with banks or banking institutions in the
4 
Philippines including investments in bonds issued by the Government of the Philippines,
5 
its political subdivisions and its instrumentalities, are hereby considered as of an
6 
absolutely confidential nature and may not be examined, inquired, or looked into by any
7 
person, government official, bureau or office, except upon written permission of the
8 
depositor, or in the cases of impeachment, or upon order of a competent court in cases
9 
of bribery or dereliction of duty of public officials, or in cases where the money deposited
10 
or invested is the subject matter of the litigation; OR WHEN THE DEPOSITOR HOLDS
11 
ANY PUBLIC OFFICE IN THE GOVERNMENT OF THE PHILIPPINES BY VIRTUE OF AN
12 
APPOINTMENT, ELECTION OR CONTRACT, IN ANY STATE-OWNED OR CONTROLLED
13 
CORPORATION OR ENTERPRISE, PERMANENT OR TEMPORARY, WHETHER IN THE
14 
CAREER OR NON-CAREER SERVICE, INCLUDING THOSE IN THE MILITARY SERVICE,
15 
WHETHER CIVILIAN OR UNIFORMED PERSONNEL, AND THOSE IN THE POLICE FORCE,
16 
WHETHER OR NOT THEY RECEIVE COMPENSATION, REGARDLESS OF AMOUNT:
17 
PROVIDED, THAT THE EXEMPTIONS ABOVE-MENTIONED SHALL INCLUDE FOREIGN
18 
CURRENCY DEPOSITS IN PHILIPPINE BANKS OPERATING IN THE PHILIPPINES,
19 
FOREIGN AND OFF-SHORE BANKS OPERATING IN THE PHILIPPINES, AND SUCH OTHER
20 
KIND OF DEPOSIT SUBSTITUTES."


1 
SEC. 2. Separability Clause. - if any part or provision of this Act herein be deciared
2 
unconstitutional or invalid, the other provisions which are not affected shali continue to be in
3 
full force and effect.
4 
SEC. 3. Repealing Clause. - All laws, executive orders, decrees, ruies, and regulations
5 
or any parts thereof inconsistent with the provisions of this Act are deemed repeaied, amended,
6 
or modified accordingly.
7 
SEC.4. Effectivity Clause. - This Act shall take effect fifteen (15) days after its
8 
publication in the Official Gazette or in any two (2) newspapers of general circulation in the
9 
Philippines.
Approved,