Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the interest of depositors will be protected under the proposed Bank Deposits Secrecy Bill.
“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,” Diokno said Monday.
Provisions of the bill limit inquiries to specified persons only, set parameters for information sharing and protects against political persecution, harassment or attempts to hamper competition in trade and commerce.
Diokno said results of bank inquiries or examinations of the BSP would not be arbitrarily disclosed. But 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.
He also said the proposed reforms would place the country’s deposit secrecy law at par with international standards.