LEYTE Rep. Martin Romualdez, Speaker of the recently concluded 19th Congress, has filed a bill seeking to amend the Bank Secrecy Law to allow the Bangko Sentral ng Pilipinas (BSP) to open and examine suspicious bank deposits, including foreign currency accounts, to help in the fight against graft and corruption.
Romualdez, who is vying to retain his hold on the leadership of the 20th Congress, filed House Bill No. 7 amid allegations that impeached Vice President Sara Duterte misused a total of P612.5 million in confidential funds disbursed by both the Department of Education, which she used to head as secretary, and the Office of the Vice President (OVP) through the use of dubious recipients such as the now infamous “Mary Jane Piattos.”
This also came in the wake of the House Quad Committee’s report, which recommended a deeper investigation into the alleged joint bank accounts of former President Rodrigo Duterte and his daughter, Vice President Sara Duterte. This was based on former Sen. Antonio Trillanes IV’s claim that the accounts were used to funnel funds from alleged drug financier Sammy Uy.
“We want to send a clear message: the Philippines should no longer be a safe haven for dirty money,” Romualdez said. “If we want honest governance and a stronger financial system, we must update our laws and give our regulators the tools they need to protect the people’s money.”
HB No. 7 seeks to amend Republic Act (RA) No. 1405 to make it easier for the BSP to scrutinize bank deposits “under strict and limited conditions where there is reasonable suspicion of unlawful activity.”
The bill was co-authored by Romualdez’s son, Rep. Andrew Julian Romualdez and Rep. Jude Acidre, who are both representing the Tingog party-list.
“In its current form, the law is being used to shield illegal acts such as money laundering, tax evasion, and corruption. That needs to change,” said the elder Romualdez.
The bill seeks to empower the BSP to examine deposits when the Monetary Board finds reasonable ground “to suspect fraud or financial misconduct involving bank officials, stockholders, employees, or those connected to entities under BSP supervision.”
It also covers investigations of closed banks and includes foreign currency accounts, except those in member-based thrift associations.
To prevent abuse and protect the privacy of law-abiding depositors, the bill provides that any findings by the BSP will be strictly for internal use and can only be shared with agencies such as the Securities and Exchange Commission (SEC), the Philippine Deposit Insurance Corporation (PDIC), the Anti-Money Laundering Council (AMLC), Department of Justice (DOJ), or the courts.
While no bank, officer, or employee will be held liable for “good-faith compliance,” the bill proposes penalties of imprisonment of two to 10 years and a fine of P50,000 to P2 million for unauthorized disclosure of any information to ensure the system’s integrity.
“This is about accountability, not overreach,” the elder Romualdez said. “We are making sure that while we strengthen transparency, we also protect the privacy of ordinary citizens.”
He said the bill is designed to bring the Philippines “closer to international best practices and remove barriers that hinder the fight against illicit finance.”
“In a time when Filipinos are demanding more honest leadership and cleaner governance, this bill is a concrete step forward,” he said. “We cannot fight corruption with blindfolds on.”
