Philippines Bank Secrecy Law Reform Backed by SEC to Strengthen Market Confidence

Philippines bank secrecy law reform has been endorsed by the Securities and Exchange Commission (SEC), which said easing strict confidentiality rules would boost transparency, enforcement, and investor confidence. SEC Chairperson Francisco Ed. Lim noted that current bank secrecy rules have long hindered investigations into insider trading, market manipulation, and fraud, adding to business costs and corruption risks. The proposed amendments would permit regulators such as Bangko Sentral ng Pilipinas to examine deposits on reasonable suspicion of misconduct, aligning the Philippines with international standards set by the IMF and FATF. Lim said that relaxing secrecy restrictions, particularly for securities violations, would strengthen enforcement, improve transparency, and help maintain long-term trust in the capital market.