Jinggoy seeks to probe illegal activities-tied bank deposits

Senator Jinggoy Estrada on Tuesday, 13 January, urged the Bangko Sentral ng Pilipinas (BSP) to examine possible illegal bank deposits amid the growing public outrage over corruption in the government.

Estrada filed Senate Bill No. 1047, which seeks to amend Republic Act No. 1405, or the Secrecy of Bank Deposits Law, to introduce carefully defined exceptions that would allow the BSP, in the exercise of its supervisory powers, and competent courts to look into suspicious bank accounts linked to bribery, fraud, money laundering, or other serious financial crimes.

Under the measure, the BSP may examine bank deposits when there is a reasonable basis to believe that fraud, serious irregularities, or unlawful activities have been or are being committed.

Inquiries must be authorized by the BSP’s Monetary Board and conducted strictly for official purposes only, such as investigating financial crimes or shuttered banks.

"Bank secrecy should not be used as a pretext to commit atrocities. If the BSP has clear grounds to suspend corruption or illegal activities, it should have the ability to inspect accounts according to the law," Estrada explained.

Estrada added that the bill provides strong safeguards to prevent abuse, such as bank deposits cannot be examined during an election period if it would prejudice any candidate; funds deposited before the law takes effect remain protected; and the results of any examination cannot be disclosed freely and may only be used under strict conditions for criminal prosecution.

“These safeguards ensure that the law will not be weaponized for political harassment, while preventing bank secrecy from being used as a shield for corruption,” he furthered.

The proposed amendments will apply to both peso and foreign currency deposits, striking a balance between protecting individual privacy and strengthening the government’s capacity to detect and prosecute financial misconduct.

“By amending this law, we empower our institutions to go after dirty money, hold wrongdoers accountable, and restore public trust in government,” he added.