BSP backs amendments to bank secrecy law

The Bangko Sentral ng Pilipinas (BSP) is backing proposals to amendment the country’s bank secrecy law to strengthen supervision of bank accounts and align with international standards.

- By NEIL JAYSON SERVALLOS

During a Senate committee on banks hearing on proposed amendments to the Secrecy of Bank Deposits Law, BSP general counsel Roberto Figueroa said that the current restrictions prevent the BSP from fully examining bank accounts, limiting its capacity to ensure financial system stability.

“The current laws on secrecy of bank deposits restrict the depth of information and records that BSP can look into,” Figueroa said, noting that only the Philippines still maintains strict bank secrecy provisions that constrain prudential oversight.