Manila: Six prominent business groups in the Philippines have voiced their support for proposed amendments to the country's bank secrecy laws, specifically targeting Republic Act (RA) 1405, the Law on Secrecy of Bank Deposits, and RA 6426, the Foreign Currency Deposit Act. These amendments are part of the 44 priority bills proposed by the Legislative-Executive Development Advisory Council (LEDAC) for the 20th Congress, which aim to empower the Bangko Sentral ng Pilipinas (BSP) to investigate deposit accounts linked to illegal activities.
According to Philippines News Agency, the Makati Business Club, the Filipina CEO Circle, the Financial Executives Institute of the Philippines, the Institute of Corporate Directors, the Justice Reform Initiative, and the Management Association of the Philippines issued a joint statement expressing that current laws have restricted regulators from effectively investigating and prosecuting corruption and money laundering. The statement emphasized that the proposed legislative changes would align the Philippines with international financial transparency and anti-money laundering standards, thereby enhancing the country's credibility and competitiveness in the global financial arena.
The business groups also support efforts to make Statements of Assets, Liabilities, and Net Worth (SALNs) of government officials publicly accessible, as outlined in RA No. 6713, the Code of Conduct and Ethical Standards for Public Officials and Employees. They highlighted that this law was intended as an investigative tool to uphold transparency and accountability among government employees and officials. However, it has not fulfilled its intended purpose effectively.
The statement stressed that the success of these laws would depend not only on the reforms but also on the strict enforcement of legal consequences for violations. They underscored the importance of good governance in fostering a stable environment where both local and foreign investors can confidently make long-term commitments. Predictable governance systems and accessible information reduce corruption risks and policy uncertainty, ultimately lowering business costs and attracting sustained capital inflows.
The groups reiterated their commitment to collaborating with policymakers, regulators, and the business community to promote reforms that create a transparent and trustworthy economic environment. Such efforts are aimed at strengthening institutions, maintaining integrity, and positioning the Philippines as a reliable investment destination.
