'. 
FIFTEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session 
SENATE 
) 
) 
) 
S. No. _..:::..3-=.6..:::9_ 
Introduced by Senator Antonio "Sonny" F. Trillanes IV 
Explanatory Note 
Public office is a public trust. The Constitution puts emphasis in promoting and 
maintaining integrity and honesty in public service, and the repression of acts of public 
officers and private persons which constitute or lead to graft and corrupt practices. This 
implies government's responsibility'to take positive and effective measures against graft 
and corruption. 
In spite ofthe existence of several laws to fight corruption in this country, the Philippines 
ranks consistently in the bottom third of all countries surveyed for Transparency 
International's Corruption Perception Index. This sad reality sets forth the need to re-
evaluate existing anti-graft related laws to make them more responsive. 
The "Bank Secrecy Deposits Law", otherwise known as Republic Act No. 1405 was 
enacted in 1955, for purposes of encouraging people to deposit their finances in banking 
institutions and discourage private holding so that the same may be properly managed 
and utilized by the financial sector for the growth and development of the country's 
economic activity. Under this law, all deposits are absolutely confidential and may not be 
inquired or looked into except upon permission of the depositor, in cases of 
impeachment, upon order of a competent court in cases of bribery or dereliction of duty, 
and in cases where the money deposited or invested is the subject matter of litigation. 
This bill aims to expand the enumerations of said exemptions by compelling government 
officials and employees to sign a waiver that will exclude them from the coverage of the 
Bank Secrecy Law to open themselves up for graft related investigations. 
To promote the high standard of moral principles, public officials and employees must be 
at all times accountable to the' people and discharge their duties with utmost 
responsibility and competency, and more importantly, uphold public interest over 
personal interest. 
In view thereof, the early passage of this bill is earnestly sought. 
LANES IV 
Senator 
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FIFTEENTH CONGRESS OF THE 
) 
REPUBLIC OF THE PHILIPPINES 
) 
First Regular Session 
) 
SENATE 
369 
s. No. __ 
'-0:_ 
Introduced by Senator Antonio "Sonny" F. Trillanes IV 
AN ACT 
INCLUDING GOVERNMENT . OFFICIALS AND EMPLOYEES IN THE 
EXCEPTIONS FROM THE PROHIBITION AGAINST DISCLOSURE OF OR 
INQUIRY INTO DEPOSITS WITH ANY BANKING INSTITUTION AMENDING 
FOR THIS PURPOSE CERTAIN PROVISION 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. 
SECTION 1. Section 2 of Republic Act No. 1405, otherwise Imown as the 
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"Secrecy of Bank Deposits Law" is hereby amended to read as follows: 
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"Section 2. All deposits of whatever nature with banks or banking 
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institutions in the Philippines including investments in bonds issued by the 
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Government of the Philippines, its political subdivisions and its 
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instrumentalities, are hereby considered as of an absolutely confidential 
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nature and may not be examined, inquired or looked into by any person, 
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government official, bureau or office, except upon written permission of 
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the depositor, or in cases of impeachment, or upon order of a competent 
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court in cases of bribery or dereliction of duty of public officials, or in 
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cases where the money deposited or invested is the subject matter of the 
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litigation; OR WHEN THE DEPOSITOR HOLDS ANY PUBLIC 
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OFFICE IN THE GOVERNMENT IN THE PHILIPPINES BY VIRTUE 
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OF AN APPOINTMENT, ELECTION OR CONTRACT, IN ANY 
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STATE-OWNED 
OR 
CONTROLLED 
CORPORATION 
OR 
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ENTERPRISE, PERMANENT OR TEMPORARY, WHETHER IN THE 
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CAREER OR NON-CAREER SERVICE, INCUDING MILlTIA, AND 
POLICE PERSONNEL, WHETHER OR NOT THEY RECEIVE 
COMPENSATION, REGARDLESS OF AMOUNT." 
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SECTION 2. Separability Clause. - If any part of the provision of this Act is 
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hereby declared unconstitutional or invalid, other provisions hereof which are not 
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affected thereby shall continue to be in full force and effect. 
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SECTION 3. Repealing Clause. - All law, executive orders, decrees, rules and 
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regulations, or any part thereof inconsistent with the provision of this Act are deemed 
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repealed or modified accordingly. 
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SECTION 4. Effectivity. - This Act shall take effect fifteen (15) days after its 
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complete publication in at least two (2) national newspapers of general circulation. 
Approved, 
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