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FOURTEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES ) 
7 
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First Regular Session 
1 
SENATE 
Introduced by Senator Antonio F. Trillanes I V  
EXPLANATORY NOTE 
Public office is a public trust. The Constitution places 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 may lead to graft and corrupt practices. This implies 
Government’s responsibility to take positive and effective measures 
against graft and corruption. 
In spite of the 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 and 
enforceable. 
Republic Act No. 1405, otherwise known as the “Bank Secrecy 
Deposits Law” was enacted in 1955, for purposes of encouraging 
people to deposit their money in banking institutions and discourage 
private hoarding so that the same may be properly managed and 
utilized by the financial sector for the growth and development of the 
country’s economy. 
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 exclude government officials and employees from the 
coverage of the Bank Secrecy Law to open themselves up for graft 
related investigations. 
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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. 
I n  view thereof, the early passage of this bill is earnestly sought. 
ANTONIO F. TRILLANES I V  
Senator 
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FOURTEENTH CONGRESS QF THE ) 
First Regular Session 
1 
REPUBLIC OF THE PHILIPPINES ) 
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SENATE 
Introduced by Senator Antonio F. Trillanes I V  
AN ACT 
INCLUDING GOVERNMENT OFFICIALS AND EMPLOYEES I N  THE 
EXCEPTIONS FROM THE PROHIBITION AGAINST DISCLOSURE 
OF 
OR INQUIRV 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, AND FOR OTHER 
RELATED PURPOSES. 
Be it enacted by the Senate and the House of Representatives of 
the Philippines in Congress assembled. 
SECTION 1. Section 2 of Republic Act No. 1405, otherwise 
known as the "Secrecy of Bank Deposits Law" is hereby amended to 
read as follows: 
"Section 2. All deposits of whatever nature with 
banks or banking institutions in the Philippines including 
investments in bonds issued by the Government of the 
Philippines, 
its 
political 
subdivisions 
and 
its 
instrumentalities, 
are hereby 
considered as of 
an 
absolutely confidential nature and may not be examined, 
inquired or looked into by any person, government official, 
bureau or office, except upon written permission of the 
depositor, [or in cases of impeachment, or upon order of a 
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competent court in cases of bribery or dereliction o f  duty 
of public officials], 
o r  in cases where the money deposited 
or invested is the subject matter o f  the litigation; 
OR 
WHEN THE DEPOSITOR HOLDS ANY PUBLIC OFFICE, 
POSITION OR EMPLOYMENT IN THE GOVERNMENT OF THE 
PHILIPPINES BY VIRTUE OF AN APPOINTMENT, ELECTION 
OR 
CONTRACT, 
WITH 
ANY 
STATE-OWNED 
OR 
CONTROLLED 
CO RPO RATIO N 
OR 
ENTERPRISE, 
PERMANENT OR TEMPORARY, WHETHER I N  THE CAREER 
OR NON-CAREER SERVICE, INCUDING THE MILITARY AND 
POLICE PERSONNEL, WHETHER OR NOT THEY RECEIVE 
COMPENSATION, REGARDLESS OF THE AMOUNT." 
SEC. 2. Separability Clause. - I f  any part of the provision of this 
Act is hereby declared unconstitutional or invalid, other provisions 
hereof which are not affected thereby shall continue to be in full force 
and effect. 
SEC. 3. Repealing Clause. - All laws, executive orders, decrees, 
rules and regulations, or any part thereof inconsistent with the 
provision of this Act are deemed repealed or modified accordingly. 
SEC. 4. Effectivity. - This Act shall take effect immediately upon 
approval. 
Approved,