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The Philippines Securities and Exchange Commission (SEC) has voiced strong support for legislative proposals seeking to amend the country’s bank secrecy laws, calling the reform critical to combating corruption, fraud, and financial crimes.
SEC Chairperson Francis Lim explained that easing long-standing restrictions would not only bolster the country’s enforcement capabilities but also help restore trust and confidence in the Philippine capital market and wider economy.
“Corruption is a major concern for both local and foreign investors… it translates to real, unnecessary, additional costs of doing business in the country,” Lim said.
Several bills are currently pending before the House of Representatives, aimed at granting the Bangko Sentral ng Pilipinas (BSP) authority to examine bank deposits when there is reasonable belief of fraud or unlawful activity by supervised officials.
The SEC underscored that the existing law has often been exploited as a shield by individuals engaged in insider trading, market manipulation, and investment fraud, limiting regulators’ ability to act. Lim stressed that access to financial records would “significantly enhance the Commission’s enforcement powers and reinforce transparency and accountability across capital markets.”
The proposed reforms also align with recommendations from international organisations such as the International Monetary Fund (IMF) and the Financial Action Task Force (FATF), both of which have long urged the Philippines to update its framework in line with global anti-money laundering and financial crime standards.
If passed, the measures could mark one of the most significant steps in the country’s financial regulatory reforms, signalling to investors that the Philippines is serious about improving governance and market integrity.
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