Ople opposes lifting of bank law

Senate President Blas Ople opposed yesterday renewed proposals to lift the Bank Secrecy Law, saying this would create mistrust and harm the country's image as an Asian Switzerland.

"Government policy must be to encourage more Filipinos to save and put their money in banks, not scare them and prompt them to hoard their money under pillows," he said.

Presidential Spokesman Fernando Barican has announced that Malacañang was seeking an amendment to the law to allow supervisors access to "vital information under certain circumstances."

The amendment would empower the Bangko Sentral ng Pilipinas (BSP) to examine, inquire or look into deposits of whatever nature with banking institutions in the Philippines, including investments in debt instruments issued by the government, according to Barican.

Earlier, BSP Gov. Rafael Buenaventura said he also wanted to lift the secrecy of bank accounts to give bank examiners access to deposit records where there is reason to believe that a crime had been committed.

Ople noted, however, that when Buenaventura was still with a private bank, he opposed moves to amend the Bank Secrecy Act.