According to a report by Philstar Biz, amending the country's bank deposit secrecy laws is expected to become a top legislative priority as the administration of President Ferdinand Marcos Jr. enters its final two years and the 20th Congress convenes.
Critics have long described Republic Act 1405, which governs bank deposit secrecy, as outdated because it shields financial information even from tax authorities. The law has been cited as a key obstacle to effective tax enforcement and anti-money laundering efforts in the Philippines.
With the 20th Congress set to begin in 2025 and the Marcos administration facing a limited window, advocacy groups and government agencies are expected to ramp up calls for a targeted amendment that balances privacy with fiscal transparency.