Legislative History
| House Bill/Resolution NO. HB03554 |
| FULL TITLE : AN ACT TO AMEND SECTION 2 OF REPUBLIC ACT NO. 1405 OTHERWISE KNOWN AS THE "SECRECY OF BANK DEPOSITS LAW", EXEMPTING GOVERNMENT OFFICIALS AND EMPLOYEES FROM THE PROHIBITION AGAINST DISCLOSURE OF OR INQUIRY INTO DEPOSITS WITH ANY BANKING INSTITUTION AND FOR OTHER PURPOSES |
| ABSTRACT : Proposes to amend R.A. No.1405 so that law enforcement authorities will be equipped with the tools needed to go after crooks in government which shall be summarized as follows: "All deposit are strictly confidential and may not be inquired or looked into except on the following grounds: upon permission of the depositor, in cases of impeachment; upon order of a competent court in cases of bribery or dereliction of duty; and in cases where the money deposited or invested is the subject matter of litigation OR WHEN THE DEPOSITOR IS AN ELECTIVE OR APPOINTIVE OFFICIAL OR EMPLOYEE OF THE REPUBLIC OF THE PHILIPPINES INCLUDING THE OFFICERS AND MEMEBERS OF THE AFP, THE PNP, AND ALL THE MEMBERS OF THE UNIFORMED SERVICES, AND OFFICERS AND EMPLOYEES OF GOCCs AND THEIR SUBSIDIARIES. |
| PRINCIPAL AUTHOR/S : ROMULO, ROMAN T. |
| DATE FILED : 2019-08-06 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2019-08-13 |
Abstract
Proposes to amend R.A. No.1405 so that law enforcement authorities will be equipped with the tools needed to go after crooks in government which shall be summarized as follows: "All deposit are strictly confidential and may not be inquired or looked into except on the following grounds: upon permission of the depositor, in cases of impeachment; upon order of a competent court in cases of bribery or dereliction of duty; and in cases where the money deposited or invested is the subject matter of litigation OR WHEN THE DEPOSITOR IS AN ELECTIVE OR APPOINTIVE OFFICIAL OR EMPLOYEE OF THE REPUBLIC OF THE PHILIPPINES INCLUDING THE OFFICERS AND MEMEBERS OF THE AFP, THE PNP, AND ALL THE MEMBERS OF THE UNIFORMED SERVICES, AND OFFICERS AND EMPLOYEES OF GOCCs AND THEIR SUBSIDIARIES.
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Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.