Solons eye amendment of bank secrecy law

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MANILA – Two house representatives are seeking the amendment of Republic Act 1405 or the Bank Secrecy Law through the removal from its coverage depositors who issue bouncing checks.

Authoring a House Bill 3693 Cagayan de Oro City Rep. Rufus Rodriguez said the bill seeks to protect the economy from the proliferation of bouncing checks.

Bouncing checks are often used as payments for the recruited investors of pyramid scams.

“The victims of the pyramid scams had difficulty in filing cases for bouncing checks because they did not know who the signatories of the checks were,” Rodriguez said.

“On the other hand, the drawee banks would not divulge the signatories because of the bank secrecy law,” Rodriguez added.

Abante Mindanao partylist Rep. Maximo Rodriguez Jr., younger brother of Rodriguez, also another author of the bill said HB 3963 will help curb the issuance of worthless checks which is rampant in the country.