BSP protects interest of depositors under proposed Bank Deposits Secrecy Bill

The Bangko Sentral ng Pilipinas (BSP) fully supports the urgent passage of the Bank Deposits Secrecy Bill as it is seen to protect the interest of depositors.

“Ultimately, the reforms will benefit depositors as the BSP’s capacity to shield them from losses due to fraud and other unlawful activities will be strengthened,” BSP Governor Benjamin Diokno said.

Provisions of the bill limits inquiries to specified persons only; sets parameters for information sharing; and protects against political persecution, harassment or attempts to hamper competition in trade and commerce.

The Governor explained that results of bank inquiries or examinations of the BSP shall not be arbitrarily disclosed. Nevertheless, the BSP may share the examination results with the Courts and other regulators only if it is necessary to prevent or prosecute an offense or crime.

The proposed reforms will likewise place the country’s deposit secrecy law at par with international standards. In fact, the Philippines is the only remaining country in the world with a bank secrecy law after Lebanon passed legislation lifting the secrecy on bank deposits last December 2020.

Consequently, this is expected to strengthen the trust of the Filipino public and the global community in the domestic banking system.

The BSP is committed to further boost its efforts to coordinate with Congress and various offices of Senators for the immediate passage of the Bank Deposits Secrecy Bill.