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The governor of the BSP, Benjamin Diokno. File photo of INQUIRER / EARVIN PERIAS
MANILA, Philippines – For Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, amendments to the bank secrecy law can help the country recover from the coronavirus pandemic.
Diokno made the comment on the first day of budget deliberations in the House of Representatives led by the appropriations committee.
“There is another measure that we would like to promote and that is the amendment to the bank secrecy law. I think it’s really important to improve the credibility of the Philippines, ”Diokno said when asked by Vice President Luis Raymund Villafuerte about legislation that could help the country recover from the pandemic.
“I think if we can pass that, it will also help us to gain more credibility at this time,” Diokno added.
The Republic Act No. 1405, or the Bank Secrecy Act, prohibits the disclosure or investigation of all deposits in banks and banking institutions in the Philippines.
Meanwhile, the acting secretary of the National Economic and Development Authority (NEDA), Karl Chua, said that the amendments to the Agri-Agra Law of 2009, which requires banks to reserve at least 15 percent of their loanable funds for agriculture and 10 percent for land reform, it may also be useful.
Diokno, however, noted that the lower house has already passed the measure and that the ball is now on the Senate side.
Other legislations mentioned during the hearing include the Law of Strategic Transfer of Financial Institutions (FIST), the Law of Corporate Recovery and Tax Incentives for Companies (Create), the Law of GFI Unified Initiatives for Companies in Trouble for Economic Recovery (GUIDE ) and amendments to the Public Law on Services Law, among others.
JPV
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