. , 
FIFTEENTH CONGRESS OF THE REPUBLIC } 
OF THE PHILIPPINES 
} 
Second Regular Session 
} 
"1/ 
ITB 13 ['1 :'/ 
SENATE 
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S. No. 3120 
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INTRODUCED BY SEN. JINGGOY EJERCITO ESTRADA 
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. 
OY EJEIRCITO ESTRADA 
Senator 


FIFTEENTH CONGRESS OF THE REPUBLIC ) 
OF THE PHILIPPINES 
) 
Second Regular Session 
) 
>I? 
fEB 13 
;:' 1'.7 
SENATE 
Senate Bill No. 3120 
!i 
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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 the Representatives of 
the Philippines in Congress Assembled: 
SECTION 1. - Section 8 of Republic Act No. 6426, otherwise known as 
the Foreign Currency Deposit Act of the Philippines, 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 AND REPUBLIC 
ACT NO. 6426, are hereby declared as and considered of 
an absolutely confidential nature and, except upon the 
written permission of the depositor AND/OR UPON 
ORDER 
OF 
AN 
IMPEACHMENT 
COURT 
OR 
ANY 
COMPETENT COURT ON CASES INVOLVING PUBLIC 
OFFICIALS CHARGED 
WITH THE VIOLATION OF 
REPUBLIC ACT NO. 3019 OTHERWISE KNOWN AS 
THE ANTI-GRAFT AND CORRUPT PRACTICES ACT, 
UPON MOTION, AND AFTER PARTIES THERETO ARE 
GIVEN PROPER NOTICE AND HEARING. 
PROVIDED 
FURTHER THAT PROBABLE CAUSE BE ESTABLISHED 
THAT THE FOREIGN CURRENCY DEPOSIT INVOLVED 
IS DIRECTLY RELATED TO THE CAUSE OF ACTION IN 
THE COMPLAINT, OTHERWISE, 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 whether public or private; Provided, however, 
That said foreign currency deposits shall be exempt from 
attachment, garnishment, or any other order or process of 
any court, legislative body, government agency or any 
administrative body whatsoever. (As amended by PO No. 
1035, and further amended by PO No. 1246, prom. Nov. 
21, 1977.)" 


THE FOREGOING SHALL CONTINUE TO BE SUBJECT 
TO FURTHER EXCEPTIONS PROVIDED FOR UNDER 
REPUBLIC ACT NO. 9160, OTHERWISE KNOWN AS 
THE ANTI-MONEY LAUNDERING ACT OF 2001." 
SEC. 2. Repealing Clause - All laws or regulations inconsistent 
with the provisions of this Act are hereby amended or repealed 
accordingly. 
SEC. 3. This Act shall take effect after the fifteen (15) days 
following its publication in at least two (2) newspaper of general 
circulation. 
Approved,