Marcos Pushes for Amendments to Bank Secrecy, Anti-Money Laundering Laws

MANILA, Philippines — President Marcos said he is pushing for amendments to the bank secrecy and anti-money laundering laws as part of efforts to restore public trust and confidence in government institutions, amid ongoing corruption issues plaguing his administration. In a report released after his fifth State of the Nation Address (SONA), Marcos also vowed to remain steadfast in upholding “sound economic governance and financial inclusion” despite heightened global tensions and uncertainty. “We are advancing legislation intended to enhance public confidence and strengthen transparency and accountability in government,” the President stated in the 250-page report. Besides calling for amendments to the Bank Secrecy Law and the Anti-Money Laundering Act, the President also urged Congress to approve the proposed Citizen Access and Disclosure of Expenditures for National Accountability Act and the Right to Information Act. Amendments to the country’s bank secrecy laws are part of the proposed Banking Reform for Integrity, Good Governance, Honesty and Transparency (BRIGHT) Act, a priority bill of the Legislative-Executive Development Advisory Council. The measure allows the disclosure and examination of bank deposits under specific conditions, including investigations by the Office of the Ombudsman, court orders, legislative inquiries, supervisory examinations by the Bangko Sentral ng Pilipinas (BSP), and investigations by the Anti-Money Laundering Council (AMLC), Bureau of Internal Revenue (BIR), Securities and Exchange Commission (SEC), Philippine Deposit Insurance Corp. (PDIC), and Insurance Commission. The bill also outlines sanctions against those who initiate, conduct, or use investigations without legitimate purpose, for political persecution, or to hamper competition. Sanctions are also detailed for those who refuse to disclose or report deposits without justifiable reason, and for unlawfully disclosing information about deposits or related financial transactions. The government processes have faced intense scrutiny following Marcos’ order last year to investigate non-existent and substandard flood mitigation structures during his fourth SONA. The finance department estimates that the Philippine economy may have lost approximately P118.5 billion annually from 2023 to 2025 due to corruption in flood control projects. This multibillion-peso corruption controversy was the first issue Marcos raised during his penultimate SONA last Monday, with the President disclosing that cases are being prepared against his cousin, former speaker Martin Romualdez. The former speaker has denied involvement and vowed to prove his innocence. “We will continue to work tirelessly to deliver an honest and responsive government that is fully accountable to the Filipino people and worthy of their trust. Central to this commitment is our firm stance against corruption,” he said. “We will relentlessly investigate corrupt practices until justice is secured and perpetrators are held accountable, including those within government ranks.” Marcos said the uncovering of flood control irregularities and other corrupt practices has affected the perception of the Philippines by the international community and investors. He cited the latest Corruption Perceptions Index, which saw the country falling four places from 116th in 2022 to 120th in 2025. “We acted swiftly and decisively to curb corrupt practices. At the same time, we continued to strengthen and expand our digital systems, while we empowered the LGUs (local government units) as vital partners in driving national development,” the Chief Executive said. Marcos reported the launch by his administration of a website that allowed citizens to report questionable projects last August. As of May 31, the website has received 11,927 reports involving flood control projects. Of these, 11,756 were found to have issues – 6,541 were defective, 2,960 were “ghost” or non-existent, and 2,255 were unfinished – and were referred to concerned agencies for verification and immediate action. He added that the Independent Commission for Infrastructure, created in September last year through Executive Order 94, has turned over all documents, pieces of evidence, and other findings to the Office of the Ombudsman. These included nine referrals covering 65 individuals recommended for the filing of criminal and administrative charges or for further review. The President also reported that 6,692 bank accounts have been frozen while P24.7 billion worth of assets have been preserved, seized, or surrendered in relation to the controversy. The administration has also inspected 10,238 flood control projects from Sept. 13, 2025, to Jan. 1 this year, 416 of which were initially found to be substandard or non-existent and were subjected to further technical inspection by the ICI. Marcos also cited his order for the trade department to revamp the Philippine Contractors Accreditation Board to ensure that only qualified contractors are awarded government projects. Emphasizing the need for “systemic solutions” to corruption, Marcos said his administration is accelerating e-governance initiatives to eliminate opportunities for the misuse of public funds. He said the government aims to fully operationalize the National Single Window, the national platform that will facilitate end-to-end trade-related services, by June 2028. The government, the President added, is also working on the integration and interoperability of essential government systems within the eGovPH Superapp before 2028. In the same report, Marcos sought the enactment of laws that would allow his administration to carry out its programs and reforms. Besides the anti-corruption bills, the President is seeking the enactment of the proposed eBayad Act, a measure creating the Department of Water Resources and Water Regulatory Commission, amendments to the Rice Tariffication Law, Coconut Farmers and Industry Trust Fund, Fisheries Code, Expanded Government Assistance to Students and Teachers in Private Education Act, Seal of Good Local Governance Act of 2019 and Electric Power Industry Reform Act, the proposed Congressional Commission on Agriculture, Fisheries and Food Security Act, the proposed National Land Use Act, the classroom building acceleration program bill and waste-to-energy bill. Information Source: Philstar Nation