Benise Balaoing

A view of the Makati skyline on August 24, 2022. George Calvelo, ABS-CBN News

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Makati skyline

ABS-CBN News

<p>MANILA -- Some of the country&#x27;s biggest business groups have expressed support for the easing of bank secrecy laws in the Philippines. </p><p>In a statement, the groups said the Law on Secrecy of Bank Deposits and the Foreign Currency Deposit Act have placed severe restrictions on the country&#x27;s financial and economic stability.</p><p>&quot;These two laws, individually and collectively, by their stringent and rigid nature, have acted and continue to act as straitjackets on regulators, preventing them from being efficient in undertaking measures, such as investigating and prosecuting people involved in corruption and money laundering,&quot; the groups said.</p><p>The groups easing bank secrecy laws will align the Philippines with international standards on financial transparency and anti–money laundering.</p><p>&quot;By empowering regulators and enforcement agencies with the authority to investigate corruption, tax evasion, and other illicit economic activities, the reforms will help ensure integrity across both public and private financial systems,&quot; they said.</p><p>&quot;In doing so, they will also boost the country’s credibility and competitiveness within the global financial community,&quot; they explained.</p><p>The push to ease restrictions on the bank secrecy law came as congressmen investigated allegedly anomalous, &quot;ghost,&quot; and substandard flood control projects.</p><div><a href="https://www.abs-cbn.com/news/nation/2025/10/6/bsp-pushes-for-easing-of-bank-secrecy-law-1711" rel="noopener noreferrer" target="_blank">BSP pushes for easing of Bank Secrecy Law</a></div><p>The Anti-Money Laundering Council has so far frozen 1,671 bank accounts, 58 insurance policies, 163 motor vehicles, 99 real properties, and 12 e-wallet accounts believed to be connected to these projects.</p><div><a href="https://www.abs-cbn.com/news/business/2025/10/10/amlc-gets-6th-freeze-order-on-assets-linked-to-flood-control-probe-1816" rel="noopener noreferrer" target="_blank">AMLC gets 6th freeze order on assets linked to flood control probe</a></div><p>The groups also said they support the Ombudsman&#x27;s move to reopen public access to officials&#x27; Statements of Assets, Liabilities, and Net Worth (SALNs).</p><div><a href="https://www.abs-cbn.com/news/nation/2025/10/14/ombudsman-restores-public-access-to-salns-of-government-officials-1739" rel="noopener noreferrer" target="_blank">Ombudsman restores public access to SALNs of government officials</a></div><p>The Filipina CEO Circle, Financial Executives of the Philippines (FINEx), Management Association of the Philippines, Makati Business Club, Institute of Corporate Directors, and the Justice Reform Initiative signed the statement. </p>

<p>Some of the country's biggest business groups have expressed support for the easing of bank secrecy laws in the Philippines.</p>

Some of the country's biggest business groups have expressed support for the easing of bank secrecy laws in the Philippines.

Biz groups express support for easing of bank secrecy laws

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Biz groups express support for easing of bank secrecy laws

Benise Balaoing,

ABS-CBN News

Published October 17, 2025 04:07 PM PHT

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bank secrecy laws

FIliipina CEO Circle

FINEx

Management Association of the Philippines

Makati Business Club

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