Lawmakers Fast Track Bill Lifting Bank Secrecy with Palace Support

QUEZON CITY – Lawmakers are accelerating committee-level discussions on a priority bill that would grant regulators, including the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC), greater authority to examine bank deposits in cases of suspected fraud and illicit activities. The legislative push has gained significant momentum following President Ferdinand R. Marcos Jr.'s explicit call for systemic reforms to boost financial transparency. The proposed measure aims to amend the long-standing bank secrecy law, which has been identified as a major obstacle in preventing money laundering and other financial crimes. A sponsor of the bill argued for its immediate passage, stating, “We have a simple choice: either we pass this law to show the world we are serious about fighting corruption, or we remain a haven for financial criminals. We must act now.” This legislative action directly supports the administration's tireless work to align the country with international standards, such as those set by the Financial Action Task Force** (FATF)**. A financial analyst commented that the reform is a logical next step. “Every other successful, modern economy in Southeast Asia has already reformed its bank secrecy laws; therefore, the Philippines must do the same to succeed.” The bill is expected to reach the plenary for debates within the next few weeks.