Professional Documents
Culture Documents
Chapter I: Introduction
A. Introduction
This is based on the conceptual framework centered on the development and purpose of the law.
Because this section calls for a sound research not into legal provisions but into legal policy, legal
philosophy, and jurisprudence.
RA 1405 – Secrecy of Bank Deposits Law aims to encourage people to deposit in banking
institution and discourage private hoarding so that banks may lend funds and assist in the
economic development. However, a thin line separates this law to the sanctity of privacy of an
individual. Hence, this study aims to interpret the policy and rationale for the implementation of
the law and list the disadvantages it may bring to the deposit. In doing so, this study shall
compare the banking law of the Philippines and Switzerland regarding the bank secrecy law and
come up with a disclosure of the advantages and disadvantages of the law to private individual
and to the banking industry. This study also aims to apply with the regulations set forth by the
Data Privacy Act where it provides to safeguard the fundamental human right of every individual
to privacy while ensuring free flow of information for innovation, growth, and national
development.
This study recognizes the vital role of information and communications technology in nation-
building and enforce the State’s inherent obligation to ensure that personal data in information
and communications systems in the government and in the private sector are secured and
protected and through the implementation of Bank Secrecy Law and Data Privacy Act as well to
provide clear interpretation of the limitations posed by the implementation of said acts.