On 16 December 2025, the House of Representatives filed House Bill No. 6902 (“HB 6902“) to amend the long-standing secrecy rules governing foreign currency deposit accounts by proposing amendments to Republic Act No. 6426, otherwise known as the Foreign Currency Deposit Act of the Philippines (“Foreign Currency Deposit Act“).
At present, under the Foreign Currency Deposit Act, foreign currency deposits enjoy confidentiality. They cannot be examined, inquired into, or disclosed by any person or government agency without the depositor’s written consent, and they are generally protected from attachment, garnishment, or other court processes. These safeguards were originally put in place to encourage foreign capital to enter the Philippine banking system.
The explanatory note to HB 6902 argues that such protections are no longer suited to current economic realities. With foreign currency inflows now driven largely by overseas remittances and global financial movements, the bill’s authors contend that absolute secrecy has, in some cases, been abused to hide proceeds of corruption, tax evasion, money laundering, and other illicit activities.
HB 6902 proposes amendments to section 8 of the Foreign Currency Deposit Act to allow government authorities to examine foreign currency deposit accounts in exceptional circumstances. These include: (i) upon the written permission of the depositor; (ii) in cases of impeachment; (iii) upon order of a competent court in cases of bribery or dereliction of duty of public officials; or (iv) where the money deposited or invested is the subject matter of the litigation. HB 6902 further proposes to remove the exemption of foreign currency deposits from government processes.
If passed into law, the measure would allow authorities, subject to clear legal grounds and procedural safeguards, to lift the confidentiality in cases such as impeachment, bribery, or when disputed funds are under litigation.
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