2. Prohibited Acts

Peso Deposits

All deposits of whatever nature with the banks in the Philippines, including investments in the government bonds are considered absolutely confidential and may not be examined, inquired, or looked into by any person except as allowed by law. (RA 1405, Sec. 2)¹

The following are liable under RA No. 1405:

• Any person or government official who examines, inquires, or looks into bank deposits or government bond investments in any instance not allowed by law.
• Any official or employee of the banking institution who makes a disclosure concerning bank deposits to another in any instance not allowed by law (Id., Sec. 3)²; and
• Any person who commits a violation of any provision of this law. (Id., Sec. 5)³

Foreign Currency Deposits

All foreign currency deposits are absolutely confidential and cannot be examined, inquired, or looked into by any person, government official, bureau, or office, whether judicial or administrative or legislative, or any other private or public entity, except upon the written permission of the depositor. (RA No. 6426, Sec. 8)⁴

The following are liable under RA No. 6426:

• Any person or government official who examines, inquires, or looks into foreign currency deposits without written permission of the depositor. (Id., Sec. 8)⁵
• A person who willfully violates the confidentiality rule in Sec. 8 is subject to the penalties in Sec. 10. (Id., Secs. 8 and 10)⁷
• Any person who willfully violates this law or any regulation duly promulgated by the Monetary Board pursuant to this law is subject to the penalties in Sec. 10. (Id.)⁸

Foreign currency deposits are exempt from attachment, garnishment, or any other order or process of any court, legislative body, government agency, or administrative body. (Id., Sec. 8)⁶