Philippines central bank calls for urgent reform of secrecy law

Financial industry says current law attracts money launderers as governor demands change

Benjamin Diokno
BSP governor Benjamin Diokno
Photo: Axelchard13/Wikimedia

The Philippines central bank urged parliament to immediately pass a reform of the country’s extremely tight bank secrecy laws, which have attracted widespread condemnation.

President Rodrigo Duterte has said he will make a draft law reforming banking secrecy a legislative priority, the central bank announced on August 18.

The president took the move in response to a request for urgent action made by the central bank, the statement said. The draft law will grant more power to the BSP in its

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account