A coalition of six prominent Filipino business groups is strongly advocating for immediate amendments to the country’s stringent bank secrecy laws, citing the need to empower regulators to combat corruption and money laundering and enhance the Philippines’ global financial credibility.
The Filipina CEO Circle (FCC), Financial Executives Institute of the Philippines (FINEX), Institute of Corporate Directors (ICD), Justice Reform Initiative (JRI), Management Association of the Philippines (MAP), and Makati Business Club (MBC), in a joint statement, expressed strong support for proposed changes to Republic Act (RA) No. 1405, the Law on Secrecy of Bank Deposits, and RA 6426, the Foreign Currency Deposit Act.
The organizations said the “stringent and rigid nature” of the two laws has acted as “straitjackets on regulators,” preventing them from efficiently investigating and prosecuting individuals involved in illicit activities.
Such rigidity, they said, has been flagged by the International Monetary Fund as imposing severe restrictions on the nation’s financial and economic stability.
Once enacted, the legislative initiatives are expected to align the Philippines with international standards on financial transparency and anti-money laundering.
By granting regulators and enforcement agencies greater authority to investigate corruption, tax evasion and other illicit economic activities, the reforms aim to “ensure integrity across both public and private financial systems,” thereby boosting the country’s global credibility and competitiveness, they said.
The groups also voiced their support for restoring public access to the statements of assets, liabilities and net worth (SALNs) of government officials, as originally mandated by RA No. 6713, the Code of Conduct and Ethical Standards for Public Officials and Employees.
They said that restoring this access is crucial for reinforcing the constitutional principle that “public office is a public trust” and for maintaining citizen confidence in institutions.
The group said the effectiveness of these reforms would depend not just on the new laws but also on “the enforcement of legal consequences for those who violate, misrepresent, or ignore their provisions.” Good governance is paramount, as it fosters a stable environment where investors can make long-term commitments, reducing policy uncertainty and the cost of doing business, which in turn attracts capital and promotes stronger economic growth, they said.
The groups also pledged their continued dedication to working with policymakers and the business community to promote reforms that would position the Philippines as an attractive and reliable investment destination.
