SEC backs lifting of bank secrecy law

TO COMBAT CORRUPTION, BOOST PROBE POWER

- By RICHMOND MERCURIO

The Securities and Exchange Commission has expressed support for proposals to amend the bank secrecy law to address corruption in government as well as enhance the SEC’s investigative power.

“As a corporate and capital market regulator, the SEC welcomes the proposed easing of our bank secrecy law as a necessary measure to uphold trust and confidence in the Philippine capital market and overall economy,” SEC chairperson Francis Lim said.

Lim cited corruption as a major concern for both local and foreign investors.

“It does not only create crippling uncertainties; it translates to real, unnecessary, additional costs of doing business in the country,” he said.

The SEC noted that several bills are pending before the House of Representatives for the lifting of the bank secrecy law, primarily to promote transparency and tackle corruption.