DECEMBER 23, 2025 — The House of Representatives has approved on the third and final reading a measure that cracks open the country’s decades-old bank secrecy law, granting regulators new authority to investigate suspected financial crimes.

With 270 lawmakers voting in favor, House Bill No. 6707 empowers the Bangko Sentral ng Pilipinas (BSP) to examine deposit accounts of officers, employees, and stakeholders of BSP-supervised institutions when there is reasonable suspicion of fraud, corruption, or unlawful activity. The measure also extends to co-conspirators and allows scrutiny of foreign currency deposits, including those in offshore branches.

For ordinary Filipinos, this raises a pressing question: Will the law truly hit corrupt politicians and criminals, or will it end up burdening regular depositors … again? 

Many point out that hardened criminals often deal in cash, that’s why banks have already been imposing stricter protocols that irritate customers — even depositing funds and withdrawing one’s own money have become such a hassle!

The challenge now is whether these expanded powers will zero in on the lawless and illegal elements, or simply add another layer of scrutiny for everyday account holders. Plus, how does one truly weed out the shady and corrupt from ordinary, honest, hardworking folks?

For sure, though, criminals and corrupt politicians can expect to face tougher challenges once the measure becomes law, as the expanded powers of the BSP will make it far more difficult to conceal assets and stash away ill-gotten wealth. By piercing the veil of secrecy that has long protected questionable deposits, authorities will gain sharper tools to track and expose hidden funds that previously slipped through the cracks of regulation.

The bill seeks to dismantle barriers that have long hindered probes into tax evasion, money laundering, and insider abuse. 

Results of BSP examinations will be restricted to key agencies: the Securities and Exchange Commission, Philippine Deposit Insurance Corporation, Anti-Money Laundering Council, Department of Justice, and the courts.

To protect institutions from backlash, the measure includes a “safe harbor clause” shielding banks and their personnel from liability when complying with BSP orders. It also prohibits the use of bank secrecy as a weapon for harassment, political persecution, or obstruction of fair competition. 

Unauthorized disclosure of account information remains strictly banned, with violators facing two to ten years in prison and fines ranging from P50,000 to P2 million.

Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion welcomed the reform, saying, “By allowing regulators to pierce bank secrecy in cases of suspected fraud or money laundering, it strengthens our ability to curb corruption and illegal financing.”

John Paolo R. Rivera, senior research fellow at the Philippine Institute for Development Studies, echoed the sentiment: “It can strengthen anti-corruption and anti-illegal financing efforts by allowing authorities faster and more targeted access to suspicious financial records, making it harder to hide illicit funds.”

The measure aligns Philippine regulations with global transparency standards and is seen as critical in keeping the country off the Financial Action Task Force’s (FATF) “gray list.” The Philippines was removed from the list earlier this year but will face reassessment in 2027.

The bill now heads to the Senate, where similar proposals filed by Senators Joel Villanueva and Erwin Tulfo remain pending at the committee level.

For now, the bigger question is whether this reform will truly stop powerful figures from hiding wealth behind closed doors — or if loopholes will still allow dirty money to slip through. 

Also, will stronger oversight restore public trust in banks, or will ordinary depositors worry about tedious processes and regulators peeking into accounts while criminals continue to frivolously operate in cash?

The debate is expected to ripple across social media, with Filipinos weighing the balance between privacy and accountability in the banking sector.

The thing is, these days, transparency is no longer optional — it is the price of trust in Philippine finance.

(Image: Bangko Sentral ng Pilipinas)