MANILA— Proposed amendments to the country's bank secrecy law would put the Philippines at par with global standards, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Wednesday.
Improving laws governing deposits would "benefit depositors" as the central bank will gain more capacity to protect clients from losses due to fraud, Diokno said in a briefing.
Current laws are restricting BSP's access to what it could investigate, Diokno said, adding that he would ask President Rodrigo Duterte to certify as urgent bills proposed to repeal the said law.
The BSP is specifically supporting the Bank Deposits Secrecy Bill, which will enhance the capacity of the central bank to supervise banks and other financial institutions, promote safety and soundness of the financial system, and improve its ability to deepen the quality of data and information it can share with other regulators.
Diokno noted that the lifting of deposit secrecy laws should be limited within the confines of the BSP's supervision and investigation of closed banks.
"Clearly it doesn’t look good for us, that is why we want to pass this law to be at par with international standards," Diokno said.
"This reform is seen to ultimately benefit depositors as the BSP will have strengthened capacity to protect them from losses due to fraud and other unlawful activities," Diokno said.
Several lawmakers earlier lobbied for the easing of the bank secrecy law to fight corruption and fraud.