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House bill seeks to allow scrutiny of foreign currency deposit accounts
Business World Philippines
|January 06, 2026
A BILL seeking to allow authorities to look into foreign currency deposits suspected to be involved in illegal activities was filed in the House of Representatives last month.
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House Bill No. 6902 seeks to allow authorities to examine foreign currency deposit accounts in “exceptional” cases involving impeachment, bribery or dereliction of duty of government officials, or where the funds are the subject of court proceedings.
It also proposes to remove their exemption from governmental processes.
The bill seeks to amend the deposit secrecy provisions under Republic Act (RA) No. 6426 or the Foreign Currency Deposit Act of the Philippines as amended by Presidential Decrees Nos. 1034, 1035, and 1246.
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