5. UNCLAIMED BALANCES ACT (ACT NO.

3936, as amended by PRESIDENTIAL DECREE

(P.D.) No. 679.
AN ACT REQUIRING BANKS, TRUST CORPORATIONS, AND BUILDING AND LOAN
ASSOCIATIONS, TO TRANSFER UNCLAIMED BALANCES HELD BY THEM TO THE
TREASURER OF THE PHILIPPINES AND FOR OTHER PURPOSES.
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Sworn Statement

(a) The names and last known place of residence or post office addresses of the persons in
whose favor such unclaimed balances stand
(b) The amount and the date of the outstanding unclaimed balance and whether the same is in
money or in security, and if the latter, the nature of the same
(c) The date when the person in whose favor the unclaimed balance stands died, if known, or
the date when he made his last deposit or withdrawal
(d) The interest due on such unclaimed balance, if any, and the amount thereof

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6. REPUBLIC ACT No. 10846, PHILIPPINE DEPOSIT INSURANCE CORPORATION (PDIC)

BANK RESOLUTION

AN ACT ENHANCING THE RESOLUTION AND LIQUIDATION FRAMEWORK FOR BANKS,

AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 3591, AS AMENDED, AND OTHER
RELATED LAWS

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The term resolution refers to the actions undertaken by the Philippine Deposit Insurance
Corporation (PDIC) under Section 11 of the Act to:
(1) Protect depositors, creditors and the Deposit Insurance Fund (DIF);
(2) Safeguard the continuity of essential banking services or maintain financial stability; and
(3) Prevent deterioration or dissipation of bank assets.

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7. HUMAN SECURITY ACT OF 2007

Provides for the State's policy to protection "life, liberty, and property from acts of terrorism".

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Judicial Authorization Required to Examine Bank Deposits, Accounts, and Records

Purpose:
(1) a person charged with or suspected of the crime of terrorism or, conspiracy to commit
terrorism,
(2) of a judicially declared and outlawed terrorist organization, association, or group of persons;
and
(3) of a member of such judicially declared and outlawed organization, association, or group of
persons, may authorize in writing any police or law enforcement officer and the members of
his/her team duly authorized in writing by the anti-terrorism council.

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Application to Examine Bank Deposits, Accounts, and Records

The written order of the Court of Appeals authorizing the examination of bank deposits,
placements, trust accounts, assets, and records:
(1) of a person charged with or suspected of the crime of terrorism or conspiracy to commit
terrorism
2) of any judicially declared and outlawed terrorist organization, association, or group of
persons,
(3) of any member of such organization, association, or group of persons in a bank or financial
institution, and the gathering of any relevant information about the same from said bank or
financial Institution,

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8. UNDER THE NEW CENTRAL BANK ACT

Bank Deposits and Investments Any director, officer or stockholder who, together with his
related interest, contracts a loan or any form of financial accommodation from:
1) his bank
(2) from a bank
(a) which is a subsidiary of a bank holding company of which both his bank and the
lending bank are subsidiaries
(b) in which a controlling proportion of the shares is owned by the same interest that
owns a controlling proportion of the shares of his bank

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Section 3

Section 4

Section 5

Section 6
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Republic Act No. 1405 (Bank Secrecy Act of 1955) vs. Republic Act No. 6426 (Foreign Currency
Deposit Act of the Philippines)

- Republic Act No. 1405 was enacted in 1955. Section 2 thereof was first amended by
Presidential Decree No. 1792 in 1981 and further amended by Republic Act No. 7653 in
1993.

- Section 8 of Republic Act No. 6426, which was enacted in 1974, and amended by
Presidential Decree No. 1035 and later by Presidential Decree No. 1246

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Republic Act No. 1405 provides 4 exceptions when records of deposits may be disclosed:
a) upon written permission of the depositor
(b) in cases of impeachment
(c) upon order of a competent court in the case of bribery or dereliction of duty of public officials
(d) when the money deposited or invested is the subject matter of the litigation
(e) in cases of violation of the Anti-Money Laundering Act (AMLA)

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These two laws both support the confidentiality of bank deposits. Republic Act No. 1405 is
considered a law of general application. On the other hand, Republic Act No. 6426 s a special
law designed especially for foreign currency deposits in the Philippines.