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Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City, Metro Manila 
TWENTIETH CONGRESS 
First Regular Session 
HOUSE BILL NO. ______ 
Introduced by Representatives Bryan B. Revilla, Lani Mercado-Revilla, and Ramon 
Jolo B. Revilla III 
EXPLANATORY NOTE 
This bill seeks to amend the Republic Act No. 1405 or the Bank Secrecy Law to allow 
greater transparency and accountability in the banking and financial sectors. It 
introduces clear exceptions to bank secrecy in cases involving anti-corruption 
investigations, tax enforcement, and financial fraud. It also sets up safeguards to 
ensure that access to bank records is done through proper legal processes and is not 
abused. These changes aim to strike a balance between protecting privacy and 
preventing abuse of the financial system. 
By promoting openness and strengthening anti-corruption mechanisms, this bill 
supports clean and honest governance. It helps ensure that banks are not misused to 
hide public money or the proceeds of crime, and that government agencies can 
properly do their job to protect the public interest. 
In view of the foregoing, the expedient passage of this bill – previously approved on 
third and final reading by the House of Representatives – is earnestly sought. 
     REP. BRYAN B. REVILLA 
REP. LANI MERCADO-REVILLA 
Representative, AGIMAT Partylist  
Representative, 2nd District of Cavite  
REP. RAMON JOLO B. REVILLA III 
Representative, 1st District of Cavite 
September 8, 2025
9:17 am
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Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City, Metro Manila 
TWENTIETH CONGRESS 
First Regular Session 
HOUSE BILL NO. ______ 
Introduced by Representatives Bryan B. Revilla, Lani Mercado-Revilla, and Ramon 
Jolo B. Revilla III 
AN ACT 
PROMOTING TRANSPARENT GOVERNANCE AND INSTITUTING ANTI-
CORRUPTION MECHANISMS IN THE OPERATION OF BANKS AND OTHER 
FINANCIAL INSTITUTIONS, AMENDING FOR THE PURPOSE REPUBLIC ACT 
NO. 1405, ENTITLED “AN ACT PROHIBITING DISCLOSURE OF OR INQUIRY 
INTO, DEPOSITS WITH ANY BANKING INSTITUTION AND PROVIDING 
PENALTY THEREFOR” 
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, entitled: “An Act Prohibiting 
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Disclosure of or Inquiry Into, Deposits with Any Banking Institution and 
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Providing Penalty Therefor” is hereby amended to read, as follows: 
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“SECTION 2. All deposits are hereby considered as of an absolutely 
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confidential nature and may not be examined, inquired or looked into by 
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any person, government official, bureau or office, except upon written 
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permission of the depositor, or in cases of impeachment, or upon order 
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of a competent court in cases of bribery or dereliction of duty of public 
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officials, or in cases where the money deposited is the subject matter of 
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the litigation, OR IN CASES WHERE THE INQUIRY OR EXAMINATION 
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IS MADE BY THE BANGKO SENTRAL NG PILIPINAS (BSP), IN THE 
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EXERCISE OF ITS SUPERVISORY POWERS, ON THE DEPOSIT OF 
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THE STOCKHOLDER, OWNER, DIRECTOR, TRUSTEE, OFFICER 
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OR EMPLOYEE OF AN ENTITY THAT IS SUBJECT TO THE 
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SUPERVISION OR REGULATORY POWER OF THE BSP, THE 
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REPRESENTATIVE OR AGENT, THE RELATED  PARTY, OR ANY  
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OF 
THE 
CONSPIRATORS, 
OF 
THE 
PERSON 
INVOLVED: 
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PROVIDED, THAT, UPON DETERMINATION BY THE MONETARY 
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BOARD, THERE IS A REASONABLE GROUND TO BELIEVE THAT 
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FRAUD, SERIOUS IRREGULARITY OR UNLAWFUL ACTIVITY HAS 
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BEEN OR IS BEING COMMITTED BY THE ABOVEMENTIONED 
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PERSONS, AND  THAT  IT  IS  NECESSARY  TO  LOOK  INTO  THE  
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DEPOSIT  TO ESTABLISH SUCH FRAUD, SERIOUS IRREGULARITY 
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OR UNLAWFUL ACTIVITY. THE AUTHORITY OF THE BSP TO 
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INQUIRE AND EXAMINE DEPOSITS SHALL ALSO APPLY IN THE 
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COURSE OF ITS INVESTIGATION OF CLOSED BANKS. 
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AS USED IN THIS ACT, DEPOSITS SHALL REFER TO MONEY OR 
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ITS EQUIVALENT  RECEIVED  BY  A  BANK  IN  THE  USUAL  
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COURSE  OF BUSINESS, AND FOR WHICH IT HAS GIVEN OR IS 
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OBLIGED TO GIVE CREDIT TO A COMMERCIAL, CHECKING, 
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SAVINGS, TIME OR THRIFT ACCOUNT, EVIDENCED 
BY 
A 
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PASSBOOK, CERTIFICATE OF DEPOSIT, OR OTHER EVIDENCE 
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OF DEPOSIT, ISSUED IN ACCORDANCE WITH BSP RULES AND 
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REGULATIONS AND OTHER APPLICABLE LAWS, AS WELL AS 
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SUCH OTHER OBLIGATION OF A BANK THAT FORMS PART OF 
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ITS DEPOSIT LIABILITIES PURSUANT TO BSP RULES AND 
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REGULATIONS. 
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THE RESULTS OF THE INQUIRY OR EXAMINATION CONDUCTED 
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BY THE BSP SHALL BE FOR ITS EXCLUSIVE USE AND SHALL NOT 
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BE MADE AVAILABLE  TO  ANY  PERSON  OR  ENTITY,  WHETHER  
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PUBLIC  OR PRIVATE, EXCEPT TO THE SECURITIES AND 
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EXCHANGE COMMISSION, PHILIPPINE DEPOSIT INSURANCE
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CORPORATION, 
ANTI-MONEY 
LAUNDERING 
COUNCIL, 
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DEPARTMENT OF JUSTICE, AND THE COURTS: PROVIDED, THAT 
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THE SHARING 
OF THE RESULTS OF THE ABOVEMENTIONED 
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INQUIRY OR EXAMINATION IS NECESSARY TO PREVENT OR 
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PROSECUTE ANY OFFENSE OR CRIME. 
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THE EXEMPTIONS UNDER THIS SECTION SHALL APPLY TO 
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FOREIGN CURRENCY DEPOSITS IN BANKS OPERATING IN THE 
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PHILIPPINES INCLUDING OFF-SHORE BRANCHES OF DOMESTIC 
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BANKS: PROVIDED, THAT THESE EXEMPTIONS SHALL NOT 
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APPLY TO NON-STOCK SAVINGS & LOAN ASSOCIATIONS 
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(NSSLAS) THAT ARE CATERING ONLY TO THEIR MEMBERS.” 
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SEC. 2. Section 3 of the same Act, is hereby amended to read as follows: 
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“SECTION 3. NO BANK OR FINANCIAL INSTITUTION, OR ANY OF 
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ITS DIRECTORS, OFFICERS OR EMPLOYEES, SHALL BE 
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SUBJECT TO ANY ACTION, CLAIM OR DEMAND IN CONNECTION 
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WITH, AND SHALL BE HELD FREE AND HARMLESS FROM 
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LIABILITY FOR, ANY ACT DONE IN COMPLIANCE WITH AN ORDER 
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FOR INQUIRY OR EXAMINATION OF DEPOSITS FROM THE BSP. 
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HOWEVER, it shall be unlawful for any official OR employee, of a 
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banking institution OR THE BSP, to disclose ANY INFORMATION 
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CONCERNING SAID DEPOSITS to any person AND UNDER SUCH 
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CONDITIONS other than those mentioned in Section [two] 2 hereof. IT 
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SHALL ALSO BE UNLAWFUL FOR ANY PERSON TO USE THIS ACT 
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FOR PERSECUTION OR HARASSMENT OR AS AN INSTRUMENT 
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TO HAMPER COMPETITION IN TRADE AND COMMERCE.” 
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SEC. 3. Section 5 of the same Act, is hereby amended to read as follows: 
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“SECTION 5. Any violation of this law will subject THE offender upon 
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conviction, to imprisonment of not LESS THAN TWO (2) YEARS NOR 
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more than [five] TEN (10) YEARS or a fine of not LESS THAN FIFTY 
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THOUSAND PESOS (P50,000) NOR MORE THAN [twenty thousand] 
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TWO MILLION PESOS (P2,000,000), or both, in AT the discretion of the 
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court.” 
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SEC. 4. Separability Clause. If any provision or section of this Act is held to be 
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unconstitutional or invalid, the other provisions or sections hereof, which are not 
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affected thereby shall continue to be in full force and effect. 
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SEC. 5. Repealing Clause. 
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(a) Sections 2, 3 and 5 of Republic Act No. 1405 are hereby amended; 
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(b) Sections 8 and 12-A of Republic Act No. 6426, as amended, also known as the 
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“Foreign Currency Deposit Act of the Philippines,” with respect to foreign currency 
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deposits, are hereby amended;  
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(c) Section 33 of Republic Act No. 6848, also known as “The Charter of the Al-Amanah 
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Islamic Investment Bank of the Philippines”, is hereby amended; 
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(d) Section 26(a)(2) of Republic Act No. 7353, also known as the “Rural Act of 1992” 
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is hereby amended; and 
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(e) Section 21(a)(2) of Republic Act No. 7906, also known as the “Thrift Banks Act of 
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1995” is hereby amended. 
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All other Acts or parts of Acts, Special Charters, Executive Order, Rules and 
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Regulations, which are inconsistent with the provisions of this Act, are hereby 
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repealed. 
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SEC. 6. Effectivity. This Act shall take effect fifteen (15) days following its publication 
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in the Official Gazette or in a newspaper of general circulation in the Philippines.  
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Approved, 
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