NINETEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES )
First Regular Session 
)
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•22 JUL14 PI :49
SENATE
Senate Bill No.
596
RECEIVED 8V;
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 to safeguard the depositors and encourage 
them to entrust their money in bank institutions to be used and invested by the latter in 
economic activities that will help our country. The law on bank secrecy, however, is not 
absolute and admits of certain exceptions such as when written permission or consent is 
given in writing by the depositor, in cases of impeachment, or upon order of the court in 
cases of bribery or dereliction of duty of public officials, among others.
To expedite investigations relating to erring public officials, this bill proposes to 
amend the current law by excluding government officials and employees from those 
covered by the confidentiality or protection clause of the Bank Secrecy Law. This will 
promote accountability and transparency and allow law enforcement authorities to inquire 
into the bank deposits of government officials and employees suspected of illegal or 
criminal activities.
In view of the foregoing, the passage of this bill is earnestly sought.
MIGUEL F. ZUBIRI


NINETEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES
First Regular Session
S E N A TE 
Senate Bill No. °
Senate
of tljp ,%c^rrtarp
•22 JUL 14 PI '49
RECEIVED BV.,
K9G
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.
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SECTION 1. Section 2 of Republic Act No. 1405, otherwise known as the Secrecy
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of Bank Deposits Law" is hereby amended to read as follows:
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"Section 2. AI! deposits of whatever nature with banks or banking
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institutions in the Philippines including Investments in bonds issued
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by the Government of the Philippines, its political subdivisions and
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its instrumentalities, are hereby considered as of an absolutely
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confidential nature and may not be examined, inquired or looked
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into by any person, government official, bureau or office, except
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upon written permission of the depositor, or in cases of
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impeachment, or upon order of a competent court in cases of
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bribery or dereliction of duty of public officials, or in cases where
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the money deposited or invested is the subject matter of the
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litigation; OR WHEN THE DEPOSITIOR HOLDS ANY PUBLIC
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OFFICE IN THE GOVERNMENT OF THE PHILIPPINES BY
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VIRTUE OF AN APPOINTMENT, ELECTION OR CONTRACT,
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IN ANY STATE-OWNED OR CONTROLLED CORPORATION
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OR ENTERPRISE, PERMANENT OR TEMPORARY, WHETHER
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IN THE CAREER OR NON-CAREER SERVICE, INCLUDING


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THOSE IN THE MILITARY SERVICE, WHETHER CIVILIAN 
OR UNIFORMED PERSONNEL, AND THOSE IN THE POLICE 
FORCE, WHETHER OR NOT THEY RECEIVE 
COMPENSATION, REGARDLESS OF AMOUNT. PROVIDED,
THAT THE EXEMPTIONS ABOVE-MENTIONED SHALL 
INCLUDE FOREIGN CURRENCY DEPOSITS IN PHILIPPINE 
BANKS OPERATING IN THE PHILIPPINES, FOREIGN AND 
OFF-SHORE BANKS OPEPJVTING IN THE PHILIPPINES, AND 
SUCH OTHER KIND OF DEPOSIT SUBSTITUTES."
SECTION 2. Separability Clause. - If any part or provision of this Act is 
declared as unconstitutional or invalid, the other provisions which are not affected 
shall continue to be in full force and effect.
SECTION 3. Repealing Clause. ~ All laws, executive orders, decrees, rules and 
regulations, or any part thereof inconsistent with the provisions of this Act are 
deemed repealed, amended or modified accordingly.
SECTION 4. Effectivity. - This Act shall take effect fifteen (15) days after its 
complete publication in at least two (2) newspapers of general circulation.
Approved,