IN a July 16, 2020 article, I mentioned that relaxing our bank secrecy rule was key to financial integrity. At that time, we had been touted as one of two countries (the other being Lebanon) with the strictest bank secrecy rules. (https://www.manilatimes.net/2020/07/16/business/columnists-business/amending-the-bank-secrecy-act-as-a-key-to-financial-integrity/742400)

Since then, Lebanon has adopted some measures to liberalize its rules while the Philippines has not moved at all. In December 2020, Lebanon's parliament passed a law to lift banking secrecy for one year in a move that could clear the way for a forensic audit of the central bank, a key condition for foreign aid that has hit a roadblock. (See https://www.reuters.com/article/lebanon-crisis-parliament-int-idUSKBN28V1WE). As of today, thus, we are the only country in the world with the strictest bank secrecy rules.