Law Summary
Confidentiality of Bank Deposits
- All deposits with banks or banking institutions in the Philippines are absolutely confidential.
- This confidentiality extends to investments in government bonds issued by the Philippine government, its subdivisions, and instrumentalities.
- No person, government official, bureau, or office can examine or inquire into deposits except under specific conditions:
- With written permission from the depositor.
- In impeachment cases.
- Upon competent court order for cases involving bribery or dereliction of duty by public officials.
- When the deposits or investments are subject matter in litigation.
Prohibition of Disclosure by Banking Officials
- Banking officials and employees are prohibited from disclosing deposit information.
- Disclosure is only permitted to persons or entities authorized in Section 2.
- Unauthorized disclosure by banking personnel is unlawful.
Repeal of Inconsistent Laws
- All prior laws, special charters, executive orders, rules, and regulations inconsistent with this Act are repealed.
Penalties for Violation
- Violators are subject upon conviction to:
- Imprisonment up to five years, or
- A fine up to twenty thousand pesos, or
- Both penalties as decided by the court.
Effectivity of the Act
- The Act takes effect immediately upon its approval.