Professional Documents
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Law On Secrecy of Bank Deposits
Law On Secrecy of Bank Deposits
Law On Secrecy of Bank Deposits
A. Purpose
1. To encourage people to deposit their money in banks.
2. To discourage private hoarding so that the banks may lend out the money and assist in
the economic development of the country.
B. Prohibited Acts
1. The EXAMINATION AND INQUIRY OR LOOKING into:
a. all deposits of whatever nature
b. with banks or banking institutions in the Philippines (including investments in
bonds issued by the Governments or its political subdivisions and
instrumentalities) by
i. any person;
ii. any government official;
iii. any bureau; or
iv. any office.
2. The DISCLOSURE by:
a. any OFFICIAL of any banking institution or
b. any EMPLOYEE of any banking institution
to ANY UNAUTHORIZED PERSON of any information concerning the said deposit.
C. Exceptions
1. Upon WRITTEN PERMISSION OF THE DEPOSITOR;
2. In cases of IMPEACHMENT OF GOVERNMENT OFFICIALS;
3. Upon ORDER OF A COMPETENT COURT in cases of:
a. BRIBERY of public officials
b. DERELICTION of duty of public officials
4. In cases where the money deposited or invested is the subject matter of the litigation.
D. Garnishment of Deposit