Business groups back bank secrecy law reforms to fight corruption

Six major Philippine business groups support reforms to the bank secrecy law and the Foreign Currency Deposit Act, viewing the current laws as restrictive for regulators.

These groups argue that the existing legislation hinders the investigation and prosecution of corruption and money laundering, impacting the country's financial and economic stability.

Proposed amendments would allow the Bangko Sentral ng Pilipinas (BSP) to examine deposits under specific circumstances, such as suspicion of fraud involving bank officials or those linked to BSP-supervised institutions.

Business leaders believe these reforms will empower regulators to investigate illicit economic activities, thereby ensuring the integrity of public and private financial systems.

The BSP officials also advocate for easing bank secrecy laws to effectively curb corruption.

These calls for reform align with broader efforts to enhance financial transparency and good governance in the Philippines.