‘^'licr oi 1 H'
TWENTIETH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
)
25 JULIO P 4 -12
SENATE
s. No. 397
RrCEIVEi'i B.
Introduced bv Senator Panfilo M. Lacson
AN ACT
FURTHER STRENGTHENING THE FOREIGN CURRENCY DEPOSIT LAW, 
AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 6426 OTHERWISE 
KNOWN AS THE "FOREIGN CURRENCY DEPOSIT ACT OF THE PHILIPPINES/' 
AS AMENDED
PVDI AMATnOV MOTP
L-/\r i_mi M/n I v-/i\ I i M\_/ I C
Republic Act No. 6426, enacted in 1972, guarantees the confidentiality of 
foreign currency deposits, with the sole exception of cases where the depositor 
provides written consent. This stance persists despite the global shift towards greater 
financial transparency.
This provision renders the Philippines unique in maintaining one of the most 
restrictive bank secrecy policies worldwide, thereby impeding the government's efforts 
to investigate and prosecute tax evasion and money laundering.
The proposed bill seeks to amend the law by establishing a clear and narrowly 
defined exception: public officials and employees shall not be entitled to the 
confidentiality of foreign currency deposits. This amendment aligns the statute with 
constitutional mandates on transparency and accountability, as well as with
international standards for financial oversight and integrity.
In view of the foregoing, the early passage of this measure is earnestly 
requested
PANFILQM: LACSON
snator


TWENTIETH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
)
)
)
SENATE
s. NO. n 7
25 JUUO P4-.12
RECEIVlue>. ,
Introduced by Senator Panfilo M. Lacson
AN ACT
FURTHER STRENGTHENING THE FOREIGN CURRENCY DEPOSIT LAW, 
AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 6426 OTHERWISE 
KNOWN AS THE "FOREIGN CURRENCY DEPOSIT ACT OF THE PHILIPPINES," 
AS AMENDED
Be it enacted by the Senate and House of Representatives of the Philippines in 
Congress assembled:
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Section 1. — Section 8 of Republic Act No. 6426, as amended, is hereby 
amended to read as follows:
"Section 8. Secrecy of foreign currency deposits. - All foreign currency 
deposits authorized under this Act, as amended by PD No. 1035, as well as 
foreign currency deposits authorized under PD No. 1034, are hereby declared 
as and considered of an absolutely confidential nature and, except upon the 
written permission of the depositor, OR WHEN THE DEPOSITOR IS AN 
ELECTIVE OR APPOINTIVE OFFICIAL OR EMPLOYEE OF THE 
REPUBLIC OF THE PHILIPPINES INCLUDING THE OFFICERS AND 
MEMBERS OF THE ARMED FORCES OF THE PHILIPPINES (AFP), THE 
PHILIPPINE NATIONAL POLICE (PNP), AND ALL MEMBERS OF THE 
UNIFORMED SERVICES, AND OFFICERS AND EMPLOYEES OF 
GOVERNMENT OWNED AND CONTROLLED CORPORATIONS AND 
THEIR SUBSIDIARIES, in no instance shall foreign currency deposits be 
examined, inquired or looked into by any person, government official, bureau 
or office whether judicial or administrative or legislative, or any other entity
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whether public or private; Provided, however, That said foreign currency
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deposits shall be exempt from attachment, garnishment, or any other order or
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process of any court, legislative body, government agency or any administrative
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body whatsoever."
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Sec. 2. Separability Clause. — If any part of the provision of this Act is hereby
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declared unconstitutional or invalid, other provisions hereof which are not affected
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thereby shall continue to be in full force and effect.
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Sec. 3. Repealing Clause. — All laws, executive orders, decrees, rules, and
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regulations, or any part thereof inconsistent with the provisions of this Act are deemed
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repealed or modified accordingly.
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Sec. 4. Effectivity. — This Act shall take effect fifteen (15) days after its
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publication in the Official Gazette or in at least two (2) national newspapers of general
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circulation.
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Approved,