OF THE PHILIPPINE 
First Regular Session 
Senate Bill No. 
, 
” 
Introduced by SE 
ACSON 
The 1987 Constitution provides in Article XI Section 1 that: “Public office is 
a public trust. Public officers and employees must at all times be accountable 
to the people, serve them with utmost responsibility, integrity, loyalty and 
efficiency, act with patriotism and justice and lead modest lives.”As public 
office is a public trust, it must not be used for self-aggrandizement or for 
acquiring wealth by the person holding it. The public officer is a steward 
who must perform lus powers and duties for the benefit of the people and 
not for the enhancement of his own interest. 
In 1955, Republic Act No 1405 otherwise known as the” Secrecy of 
Bank Deposits Law” was enacted for the purpose of encouraging people to 
deposit their money in banking institutions and to discourage private holding 
e same may be properly utilized by banks in authorized loans to 
e development of the country. 
er th~s law, all deposits are strictly confidential and may not be 
inquired or looked into except on the following grounds: upon 
emission of the 
depositor; in cases of impeachment; 
of a competent court in cases of bribery or dereliction of duty; 
s where the money deposited or invested is the subject matter of 
e avowed purpose of the law is very commendable but 
the provision of the law prohibiting disclosure of or inquiry to 
bank deposits have been used to hamper and stall investigations of 
government officials and employees suspected of enriching themselves 
while in office. 
Thus, this bill seeks to exempt government officials and employees, 
whether elected or appointed, fkom the coverage of the Bank Secrecy Law in 
order that law enforcement authorities will be equipped with the tools 
needed to go after crooks in government. 
In view thereof, the early passage of tlvs bill is earnestly 
recommended, 


OF THE3 PHILIPPINES 
First Regular Session 
Senate Bill No. 
Introduced by 
PA 
N 
I 
AN 
SECTION 2 OF REPUBLIC ACT’ NO. 
1405, 
WN AS THE “SECRECY OF BANK DEPOSITS 
FFICIALS 
AND 
INST DISCLOSURE 
ANY BANKING 
Be it enacted by the Senate and the House of Representatives uf 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 competent cowt in 
cases of bribery or dereliction of duty of public officials, or in cases where 
the money deposited or invested is the subject matter of the litigation; OR 


SECTION 2. Separability Clause. - If any part of the provision of ths 
Act is hereby declared unconstitutional or invalid, other provisions hereof 
whch are not affected thereby shall continue to be in full force and effect. 
SECTION 3. Repealing Clause. - All law, executive orders, decrees, 
rules and regulations, or any part thereof inconsistent with the provision of 
this Act are deemed repealed or modified accordingly. 
SECTION 4. Effectivity. - This Act shall take effect immediately 
upon approval. 
Approved,