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Banks seek safe harbor clause Lawrence Agcaoili In changes to bank secrecy law MANILA, Philippines Philippine banks want a “safe harbor” provision in the proposed amendments to the country’s bank secrecy law to shield industry players from possible civil liability in connection with any deposit examination by the central bank. In a position paper submitted to the Committee on Banks and Financial Intermediaries of the House of Representatives, the Bankers Association of the Philippines (BAP) said it fully supports the proposed amendments to Republic Act 1405 or “The Secrecy of Bank Deposits Law.” The BAP wrote committee chairman Rep. Junie Cua, seeking to provide the industry with a “safe harbor” clause to protect banks against “frivolous suits” from depositors in connection with any deposit examination done by the Bangko Sentral ng Pilipinas (BSP).

Bangko sentralJunie cuaCommittee on banksBankers association of the philippinesBureau of internal revenueSecrecy of bank deposits lawPhilippine deposit insurance corpFile banksFinancial intermediariesBankers associationRepublic actBank deposits lawHouse billPhilippine deposit insuranceThrift banksInternal revenue