SIXTEENTH CONGRESS OF THE REPUBLIC) 
OF THE PHILIPPINES 
) 
Second Regular Session 
) 
','j JAN 20 r 1 :58 
SENATE 
Senate Bill No. _2_5_7_5 
INTRODUCED BY SEN. JINGGOY EJERCITO ESTRADA 
AN ACT 
AMENDING REPUBLIC ACT NO. 6426, OTHERWISE KNOWN AS "FOREIGN 
CURRENCY DEPOSIT ACT OF THE PHILIPPINES", AND FOR OTHER 
PURPOSES 
EXPLANATORY NOTE 
In light of the current developments and issues raised on the secrecy of foreign 
currency deposits with financial institutions, there is an apparent need to amend 
the law on Foreign Currency Deposits which was enacted almost four decades 
ago. Recently, the said law is being used as an excuse and as a refuge to hide 
alleged illegally acquired wealth of public officials and employees. 
This measure seeks to amend Republic Act No. 6426, entitled "An Act Instituting 
a Foreign Currency Deposit System in the Philippines, and for other Purposes" 
otherwise known as the Foreign Currency Deposit Act, in order to promote and 
enhance transparency and accountability in the government. Thus, the proposed 
measure shall cover all public officials, including those identified in the 1987 
Constitution as impeachable officers who may have engaged in corrupt and other 
criminal activities. 
Likewise, this measure intends to discourage private individuals who may intend 
to hide their unlawful activities by converting their illegal income into foreign 
currency deposits. 
In view of the foregoing, immediate passage of this bill is earnestly sought. 
Senator 


SIXTEENTH CONGRESS OF THE REPUBLIC) 
OF THE PHILIPPINES 
) 
Second Regular Session 
) 
'i 
.JAN 20 I) 1 :')9 
SENATE 
Senate Bill No. 
2575 
INTRODUCED BY SEN. JINGGOY EJERCITO ESTRADA 
AN ACT 
AMENDING REPUBLIC ACT NO. 6426, OTHERWISE KNOWN AS "FOREIGN 
CURRENCY DEPOSIT ACT OF THE PHILIPPINES", AND FOR OTHER 
PURPOSES 
Be it enacted by the Senate and the House of Representatives of the Philippines 
in Congress assembled: 
1 
SECTION 1. 
Section 8 of Republic Act No. 6426, otherwise known as the 
2 
"Foreign Currency Deposit Act of the Philippines", is hereby amended to read as 
3 
follows: 
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"Section 8. 
Secrecy of foreign currency deposits. - All foreign 
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currency deposits authorized under this Act, as amended by PD 
7 
No. 1035, as well as foreign currency deposits authorized under PD 
8 
No. 1034 AND REPUBLIC ACT NO. 6426, are hereby declared as 
9 
an considered of an absolutely confidential nature and, except upon 
10 
the written permission of the depositor AND I OR UPON ORDER 
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OF AN IMPEACHMENT COURT ON CASES INVOLVING PUBLIC 
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OFFICIALS CHARGED WITH THE VIOLATION OF REPUBLIC 
13 
ACT NO. 3019 OTHERWISE KNOWN AS THE ANTI-GRAFT AND 
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CORRUPT PRACTICES ACT, UPON MOTION, AND AFTER 
15 
PARTIES THERETO ARE GIVEN PROPER NOTICE AND 
16 
HEARING; 
PROVIDED, 
THAT 
PROBABLE 
CAUSE 
BE 
17 
ESTABLISHED THAT THE FOREIGN CURRENCY DEPOSIT 
18 
INVOLVED IS DIRECTLY RELATED TO THE CAUSE OF ACTION 
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IN THE COMPLAINT; OTHERWISE, in no instance shall foreign 
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currency deposits be examined, inquired or looked into by any 
21 
person, government official, bureau or office whether judicial or 
22 
administrative or legislative, or any other entity whether public or 
23 
private; Provided, however, That said foreign currency deposits 
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shall be exempt from attachment, garnishment, or any other order 
25 
or process of any court, legislative body, government agency or any 
26 
administrative body Whatsoever. (As amended by PO No. 1035, 
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and further amended by PO No. 1246, prom. Nov. 21, 1977.) 
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"THE FOREGOING SHALL CONTINUE TO BE SUBJECT TO 
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FURTHER EXCEPTIONS PROVIDED FOR UNDER REPUBLIC 
31 
ACT NO. 9160, OTHERWISE KNOWN AS THE ANTI-MONEY 
32 
LAUNDERING ACT OF 2001." 
1 


1 
SEC. 2. 
Repealing Clause. -
All laws or regulations inconsistent with the 
2 
provisions of this Act are hereby amended or repealed accordingly. 
3 
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SEC. 3. Effectivity. - This Act shall take effect after fifteen (15) days following its 
6 
publication in at least two (2) newspapers of general circulation. 
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Approved, 
2