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LATEST COMMENTARY

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FIVE THINGS TO KNOW

7:23 AM5-minute read

ABOUT LINO CAYETANO AND THE CHANGE AT THE PCO

President Ferdinand Marcos Jr. announced on October 11 that Lino Cayetano would replace Dave Gomez at the Presidential Communications Office. He said Gomez had been bypassed by the Commission on Appointments and that the change would be formalized when they returned from Singapore.

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6:10 PM4-minute read

ABOUT THE DISPUTE OVER CHANGING THE ORDER OF IMPEACHMENT WITNESSES

The argument at Thursday’s impeachment hearing was about which witness the prosecution could present next. It began with an absent lawyer and became a dispute over preparation and notice. Understanding the exchange helps explain why a courtroom can pause even when the parties, documents and another potential witness are already in the building.

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3:01 PM3-minute read

ABOUT MARK VILLAR’S MOVE TO THE SENATE MAJORITY

Senator Mark Villar has formally left the Senate minority and joined the majority. The October 8 move strengthens the bloc supporting the chamber’s leadership and gives Villar two significant positions. Its implications for Sara Duterte’s impeachment trial, however, require more than counting political allies.

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9:56 AM4-minute read

ABOUT THE MANAGER’S CHECKS AND THE QUESTIONS OVER SARA DUTERTE’S SALN

A bank balance can fall even when the value represented by the money has not disappeared. That distinction sits behind the prosecution’s questions about manager’s checks in Sara Duterte’s impeachment trial. To understand the October 7 testimony, we need to follow the instrument, the person entitled to its value and the declaration of assets for the relevant year.

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9:08 PM3-minute read

ABOUT WHAT COA’S REJECTION OF THE OVP APPEAL MEANS

COA has rejected the request to reconsider the ₱73.287-million disallowance involving the Office of the Vice President’s December 2022 confidential expenses. The October 5 resolution became public on October 7. Its significance is easier to understand when the amount, the audit finding and the available legal remedies are kept separate.

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7:47 AM3-minute read

ABOUT WHAT BANK SECRECY PROTECTS IN AN IMPEACHMENT TRIAL

The arguments over bank records in Sara Duterte’s impeachment trial involve several protections. The privacy of a peso deposit, the protection of a foreign-currency deposit, and the confidentiality of a report sent to the AMLC come from different rules. Understanding those differences helps explain what the court has allowed and what remains in dispute.

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8:43 AM8-minute read

ABOUT THE AMLC RECORDS IN SARA DUTERTE’S IMPEACHMENT TRIAL

₱4.4 billion is a figure that can dominate a conversation before anyone asks what it counts. AMLC Executive Director Ronel Buenaventura presented that approximate total in the Senate impeachment court on October 5, covering reported transactions involving Vice President Sara Duterte and her husband, Manases Carpio. He also explained that a bank correction had reduced the earlier figure of ₱6.7 billion.

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6:44 PM5-minute read

ABOUT THE COINS.PH CASH-IN RESTRICTION AND WHAT USERS SHOULD CHECK

If you use Coins.ph to receive money or pay bills, a failed cash-in can disrupt plans for the day. Coins.ph has announced that some incoming peso services are temporarily unavailable following a BSP directive to improve its internal controls. Its advisory also identifies services that existing customers can still use.

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12:00 PM5-minute read

ABOUT THE PROPOSED RULES ON SECONDHAND PHONES

A secondhand phone can put a useful device within reach of someone who cannot afford a new one. The problem comes when the buyer has no clear information about where it came from, what condition it is in, or who will fix it if it fails.

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8:35 PM6-minute read

ABOUT THE SUPREME COURT’S DECISION ON THE IMPEACHMENT VOTE THRESHOLD

The Supreme Court dismissed three petitions on September 30 challenging how the Senate impeachment court would count the votes needed to convict Vice President Sara Duterte. The dismissal leaves the Senate’s September 23 ruling in place, but it needs to be read carefully. A case can be dismissed because it does not meet the requirements for the Court to hear it, without settling whether the challenged action is constitutional.

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6:12 AM6-minute read

ABOUT WHAT BASTE DUTERTE SHOULD HAVE CHECKED AS MAYOR

Davao City Mayor Sebastian “Baste” Duterte told the Senate impeachment court on September 29 that he had been unfamiliar with GenCorp Industries Inc. before it came up in the proceedings. He also said he did not know about Vice President Sara Duterte’s declared business interest in the company.

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10:45 PM7-minute read

ABOUT THE OCTOBER WATER-RATE INCREASES

Metro Manila households served by Maynilad and Manila Water will see slightly higher water charges beginning October 1. The announced increases are small for many residential customers, but the figures vary by concessionaire and consumption level. That makes it easy to misunderstand a notice expressed only in centavos per cubic meter.

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7:21 AM6-minute read

ABOUT THE NOTE HANDED TO GIBO TEODORO IN SEOUL

Defense Secretary Gilberto “Gibo” Teodoro Jr. was answering questions at the Seoul Defense Dialogue on September 8 when a man handed him a note. He read it aloud, challenged its rejection of the 2016 South China Sea ruling and objected to being interrupted that way.

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9:55 AM8-minute read

ABOUT EL NIÑO AND PREPARING FOR LESS RAIN

It can be raining outside while PAGASA warns about El Niño. That can sound confusing when the immediate problem is a wet road or a flooded field. The two warnings describe different periods: the weather happening now and the rainfall conditions that may develop over the coming months.

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5:30 AM8-minute read

ABOUT THE NEW ARREST WARRANTS AGAINST ZALDY CO, MARTIN ROMUALDEZ AND TWO OTHERS

The Sandiganbayan has ordered the arrest of Zaldy Co, Martin Romualdez and two other accused in the plunder case filed on September 7. By Monday evening, authorities had served Romualdez's warrant and carried out booking procedures at Cardinal Santos Medical Center in San Juan. His arrest is a confirmed development; it does not establish that his three co-accused are also in custody.

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3:15 PM8-minute read

ABOUT THE PLUNDER CASE AGAINST MARTIN ROMUALDEZ

The Office of the Ombudsman filed a plunder case against former House Speaker Martin Romualdez at the Sandiganbayan on September 7 over his alleged involvement in flood-control kickbacks. The accusations have now reached the court that will handle the criminal case. Romualdez denies wrongdoing and remains presumed innocent.

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1:18 PM7-minute read

ABOUT THE NEW SWS POVERTY NUMBERS

Self-rated poverty and food poverty declined in June, but the figures also show how many Filipino families remain under pressure and why lower household budgets do not necessarily mean life became cheaper.

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2:02 PM11-minute read

ABOUT THE CHILDREN'S SOCIAL MEDIA SAFETY ACT

House Bill No. 9965 would bar children below 13 from having social media accounts, require parental consent for users aged 13 to 17, regulate platform algorithms, and impose fines reaching P50 million. It is still being deliberated in the House.

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12:02 PM7-minute read

ABOUT THE SEALED BIR BOX

Marcos authorized the BIR to comply with the Senate subpoena. That did not open the records to the public or prove the unexplained-wealth allegation.

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MCT READER PULSE · MCT-PULSE-2026-014

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July 30, 2026 · 2:52 PM7-minute read

ABOUT THE PROPOSED BANK-SECRECY CHANGES

The House and Senate approved different proposals for opening bank records, and the final safeguards have not yet been settled.

President Ferdinand Marcos Jr. has again asked Congress to loosen the country’s bank-secrecy rules as part of his anti-corruption program.

The proposal is called the Banking Reform for Integrity, Good Governance, Honesty and Transparency Act, or BRIGHT Act. It would give more government offices legal access to bank records during authorized investigations.

That does not mean anyone in government could inspect an account whenever they wanted. Access would still depend on the office involved, the reason for the request, and the approval required under the final law.

There is another detail that headlines often miss. The House and Senate approved different bank-secrecy bills, and those versions do not give government the same powers.

The House version mainly expands the Bangko Sentral ng Pilipinas’ authority over people connected to banks and other institutions under its supervision. The Senate proposal reaches much further, covering the Ombudsman, Congress, tax authorities, and several financial regulators.

Here are five things to know.

1

BANK DEPOSITS ARE PROTECTED NOW, BUT THE LAW ALREADY HAS EXCEPTIONS

Republic Act No. 1405 generally protects peso deposits from examination or disclosure. The law was passed in 1955 to encourage people to place their money in banks instead of keeping it outside the banking system.

Current exceptions include written permission from the depositor, impeachment cases, court orders involving bribery or dereliction of duty by public officials, and cases in which the deposited money itself is being disputed. Limited examinations may also be allowed during a bank investigation authorized by the Monetary Board.

Foreign-currency deposits are covered by Republic Act No. 6426, which gives them broader protection. Later laws, including the Anti-Money Laundering Act, created additional ways to examine accounts linked to certain crimes.

The Anti-Money Laundering Council generally needs an order from the Court of Appeals after showing probable cause that an account is linked to money laundering or another offense covered by the law. Court approval is waived for a limited group of offenses named in the Anti-Money Laundering Act.

WHAT TO WATCH

The final bill must state how it will treat peso and foreign-currency accounts because they are covered by different laws. Watch for any wording that changes the stronger protection currently given to foreign-currency deposits.

2

THE HOUSE AND SENATE VERSIONS ARE VERY DIFFERENT

House Bill No. 6707 keeps the existing rule that deposits are confidential, then gives the Bangko Sentral added power to inspect certain accounts.

The Monetary Board must first find reasonable grounds to believe that fraud, a serious irregularity, or an unlawful activity has been or is being committed. The accounts must belong to an owner, stockholder, director, officer, employee, agent, related party, or suspected conspirator connected to an institution supervised by the Bangko Sentral.

The results would remain mainly for the Bangko Sentral’s use. Information could be shared with the Securities and Exchange Commission, Philippine Deposit Insurance Corporation, Anti-Money Laundering Council, Department of Justice, and courts when needed to prevent or prosecute an offense.

The Senate’s BRIGHT Act is broader. Current reports say it would allow inquiries connected to the Ombudsman, courts, the Senate, the House of Representatives, the Bangko Sentral, Anti-Money Laundering Council, Bureau of Internal Revenue, Securities and Exchange Commission, Philippine Deposit Insurance Corporation, and Insurance Commission.

WHAT TO WATCH

The bicameral conference committee must decide which version survives. Readers should not assume that every power found in the Senate proposal will appear in the law eventually sent to the President.

3

COURT APPROVAL WOULD NOT BE REQUIRED FOR EVERY REQUEST

The current Anti-Money Laundering Act usually requires a Court of Appeals order before the Anti-Money Laundering Council can examine an account. The application must show probable cause connecting the money to an unlawful activity or money-laundering offense.

The broader BRIGHT proposal uses different approval routes depending on who is investigating.

An Ombudsman inquiry could be authorized through the Ombudsman. A congressional inquiry could require an order from the Senate President or House speaker. A financial regulator could act through its agency head, with board or council approval where applicable. A related BRIGHT bill also assigns the Bangko Sentral to check that an order is authentic, serves a lawful purpose, and follows the Data Privacy Act.

This means a judge would not review every request before an account is opened to investigators. The strength of the protection would depend heavily on the threshold Congress places in the final text.

“Legitimate purpose” gives officials more room than a requirement to show probable cause or reasonable grounds supported by evidence.

WHAT TO WATCH

Check the exact test required before each agency can obtain records. A final law that demands written reasons and evidence would offer stronger protection than one that relies only on an agency’s claim that the inquiry falls within its powers.

4

CONGRESS COULD GAIN CLEARER ACCESS DURING HEARINGS

The current Bank Secrecy Law already lists impeachment as an exception. That does not automatically give every congressional committee the same access during an ordinary inquiry in aid of legislation.

The broader Senate proposal would expressly cover investigations by the Senate, House of Representatives, and their committees when acting under their constitutional or legal powers. Current reports also include impeachment-related proceedings.

That could help Congress follow money during corruption hearings. It could also create opportunities for abuse when inquiries become part of political fights.

Access to records would not mean permission to release every detail to the public. Investigators would still be bound by the final law, the Data Privacy Act, constitutional rights, and rules controlling the use of confidential information.

WHAT TO WATCH

The final text should explain who may request the records, who may view them, and when information may be discussed publicly. Congress also needs rules for accounts belonging to relatives, business partners, or private individuals who have not been accused of wrongdoing.

5

THE SAFEGUARDS ARE STILL BEING NEGOTIATED

Both proposals punish unlawful disclosure and the use of bank inquiries for harassment or political persecution. They also protect banks that release records after receiving a valid order.

The penalties differ. House Bill No. 6707 provides imprisonment of two to 10 years, a fine from ₱50,000 to ₱2 million, or both. Another BRIGHT version provides at least three years in prison, a fine of at least ₱500,000, or both, with permanent disqualification from public office for government officials convicted of abuse.

Penalties imposed after abuse has occurred are only one layer of protection. The final law also needs controls before records are released, such as a written order, a clear legal purpose, limits on who receives the data, and a record of every request.

The two chambers must settle their differences before the bill can be sent to Malacañang. Until that happens, the current bank-secrecy laws and existing exceptions remain in force.

WHAT TO WATCH

The bicameral report will reveal the final agencies, approval process, penalties, and privacy controls. Watch closely for any last-minute provision that widens access without adding an equally clear test for when that power may be used.

BOTTOM LINE

Changing the Bank Secrecy Law could make it easier to trace corruption, fraud, money laundering, and hidden assets. It could also give political officials access to highly private records. The unresolved question is how much proof the government must present before it can look inside an account. A law that gives investigators wider access needs equally firm controls over who can request the information, who can see it, and what happens when that power is abused.

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