Philstar
BSP backs amendments to bank secrecy law
The Bangko Sentral ng Pilipinas (BSP) is advocating for amendments to the country's Bank Secrecy Law to strengthen prudential supervision.
BSP General Counsel Roberto Figueroa stated that the Philippines' strict deposit secrecy laws hinder effective supervision and align the country with international standards.
Figueroa noted that the current restrictions prevent the BSP from fully examining bank accounts, limiting its capacity to ensure financial system stability.
He recalled that the BSP's power to examine bank deposits, previously granted under Presidential Decree 1792, was removed in 1993 with the enactment of Republic Act 7653.
The BSP seeks amendments to the Secrecy of Bank Deposit Law to be limited within the confines of the central bank's banking supervision and its investigation of closed banks.
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