The Bangko Sentral ng Pilipinas said Tuesday the reforms in the Bank Deposits Secrecy Law is one of its priority legislative agenda for the 19th Congress.
The BSP outlined its legislative agenda to promote the stability and ensure soundness of the banking and payment systems.
“The BSP will work with the 19th Congress on the passage of priority bills that are expected to boost public trust and confidence in the country’s financial and payment systems,” BSP Governor Felipe Medalla said in a statement.
The proposed amendments to the Bank Deposits Secrecy law aim to strengthen the banking system’s capacity to effectively combat tax evasion, money laundering, and other financial crimes.
The BSP in the 18th Congress supported the passage of House Bill No. 8991 which sought to allow for a thorough examination of bank accounts with suspicious transactions.