Statement on Reforms to Strengthen Transparency and Good Governance

17 October 2025 – We, the undersigned Philippine Business Groups, strongly support ongoing efforts to amend the country’s bank secrecy laws, especially the proposed changes to Republic Act (RA) No. 1405, the Law on Secrecy of Bank Deposits, and RA 6426, the Foreign Currency Deposit Act. These two laws, individually and collectively, have for so long hindered proper investigation and detection of tax evasion and other financial crimes by the Bureau of Internal Revenue and other regulators. They have also made investigating and prosecuting people involved in corruption much harder and rarer. These laws stand in stark contrast to the rules of the International Monetary Fund, the ASEAN member countries, and the country’s financial and economic stability.

These legislative initiatives, once enacted, will align the Philippines with international standards on financial transparency and anti-money laundering. By empowering regulators and enforcement agencies with the authority to investigate corruption, tax evasion, and related financial misconduct, the reforms will help ensure integrity across both public and private financial systems. In doing so, they will also boost the country’s credibility and competitiveness within the global financial community.

We also support efforts to restore public access to the Statements of Assets, Liabilities, and Net Worth (SALNs) of government officials, as originally required under RA No. 6713, or the Code of Conduct and Ethical Standards for Public Officials and Employees. This law, alongside official and media investigative mechanisms that are aided by government employees and the public, strengthens all standards of transparency and accountability. This was supposed to be a critical tool serving as a watchdog for corruption and the misuse of public resources. The reforms for this law will reinforce the constitutional principle that public office is a public trust and that accountability is essential for maintaining citizens’ confidence in their institutions.

We need to emphasize one key point: the effectiveness of these laws will not rest solely on the reforms enacted, but on how they are enforced. Weak implementation, selective enforcement, or ignorance of their provisions. Therefore, good governance is paramount.

Good governance creates a business environment in which both local and foreign investors can make long-term commitments with confidence. When there is reliable and predictable information that is accessible, the entire system of commerce improves. Clear and enforceable laws enable businesses to make informed economic decisions, promotes fair competition, and contributes to stronger, more resilient economic growth.

We remain dedicated to collaborating with policymakers, regulators, and the business community to promote reforms that create a fair, transparent, and trustworthy economic environment; one that rewards honest business, maintains integrity, and positions the Philippines as an attractive and reliable investment destination.

FILIPINA CEO CIRCLE (FCC)
FINANCIAL EXECUTIVES INSTITUTE OF THE PHILIPPINES (FINEX)
INSTITUTE OF CORPORATE DIRECTORS (ICD)
JUSTICE REFORM INITIATIVE (JRI)
MANAGEMENT ASSOCIATION OF THE PHILIPPINES (MAP)
MAKATI BUSINESS CLUB (MBC)