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This document outlines Republic Act No. 1405 which establishes that bank deposits in the Philippines are confidential and cannot be disclosed without permission. It aims to encourage savings by ensuring deposit privacy and security. Officials are prohibited from examining deposits without a court order or depositor consent, and disclosure of deposit information is punishable by imprisonment or fine.

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21 views

Constitution Statutes Executive Issuances Judicial Issuances Other Issuances Jurisprudence International Legal Resources AUSL Exclusive

This document outlines Republic Act No. 1405 which establishes that bank deposits in the Philippines are confidential and cannot be disclosed without permission. It aims to encourage savings by ensuring deposit privacy and security. Officials are prohibited from examining deposits without a court order or depositor consent, and disclosure of deposit information is punishable by imprisonment or fine.

Uploaded by

Hezel Marie
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Today is Thursday, April 11, 2024

Constitution Statutes Executive Issuances Judicial Issuances Other Issuances Jurisprudence International Legal Resources AUSL Exclusive

REPUBLIC ACT No. 1405

AN ACT PROHIBITING DISCLOSURE OF OR INQUIRY INTO, DEPOSITS WITH ANY BANKING INSTITUTION
AND PROVIDING PENALTY THEREFOR.

Section 1. It is hereby declared to be the policy of the Government to give encouragement to the people to
deposit their money in banking institutions and to discourage private hoarding so that the same may be properly
utilized by banks in authorized loans to assist in the economic development of the country.

Section 2. 1 All deposits of whatever nature with banks or banking institutions in the Philippines including
investments in bonds issued by the Government of the Philippines, its political subdivisions and its
instrumentalities, are hereby considered as of an absolutely confidential nature and may not be examined,
inquired or looked into by any person, government official, bureau or office, except upon written permission of the
depositor, or in cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of
duty of public officials, or in cases where the money deposited or invested is the subject matter of the litigation.

Section 3. It shall be unlawful for any official or employee of a banking institution to disclose to any person other
than those mentioned in Section two hereof any information concerning said deposits.

Section 4. All Acts or parts of Acts, Special Charters, Executive Orders, Rules and Regulations which are
inconsistent with the provisions of this Act are hereby repealed.

Section 5. Any violation of this law will subject offender upon conviction, to an imprisonment of not more than five
years or a fine of not more than twenty thousand pesos or both, in the discretion of the court.

Section 6. This Act shall take effect upon its approval.

Approved: September 9, 1955

Footnote

1 This Section and Section 3 were both amended by PD No. 1792 issued January 16, 1981, PD 1792 was
expressly repealed by Sec 135 of R.A. No. 7653, approved June 14, 1993. The original sections 2 and 3 of
R.A. No.1405 are hereby reproduced for reference, as follows; "Sec 2 All deposits of whatever nature with
banks or banking institutions in the Philippines including investments in bonds issued by the Government of
the Philippines, its political subdivisions and its instrumentalities, are hereby considered as of an absolutely
confidential nature and may not be examined, inquired or looked into by any person, government official,
bureau or office, except upon written per-mission of the depositor, or in cases of impeachment, or upon
order of a competent court in cases of bribery or dereliction of duty of public officials. or in cases where the
money deposited or invested is the subject matter of the litigation," "Sec. 3. It shall be unlawful for any
official or employee of a banking institution to disclose to any person other than those mentioned in Section
two hereof any information concerning said deposits."

The Lawphil Project - Arellano Law Foundation

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