The influential Makati Business Club (MBC) is urging the Marcos administration to amend the Bank Secrecy Law and institutionalize transparency reforms to curb corruption and entice more investments into the country.

In a statement, the MBC said the government should pursue reforms to make the country’s institutions more transparent and accountable, creating a more predictable environment for investors.

Failing to act, the business group warned the country will stay trapped in weak investor sentiment, shadowed by last year’s multibillion‑peso flood control scandal.

MBC urged the government to enact amendments to the Bank Secrecy Law to ensure greater transparency in the country’s financial system. In particular, it calls for the passage of Senate Bill (SB) No. 1047, authored by Senator Jinggoy Estrada, who, ironically, has been linked to the flood control issue.

Under the proposed measure, the Bangko Sentral ng Pilipinas (BSP) and the courts will be authorized to examine bank accounts suspected of involvement in serious crimes, including bribery, fraud, and money laundering.

Likewise, the BSP can check bank deposits if there is a reasonable reason to believe that illegal or suspicious activities are taking place.

SB No. 1047 also outlined that any review of bank accounts must first be approved by the BSP’s Monetary Board and can only be done for official purposes like investigating financial crimes or dealing with banks that have already been closed.

Through these efforts, the MBC said the government can take a significant step towards combating corruption.

The business group is also calling for continuity in budget process transparency, as initiated by the government for the 2026 national budget.

It urged the government to maintain public access to bicameral conference committee deliberations, ensure the timely publication of budget documents, and preserve civil society organizations' participation in budget hearings.

“A more transparent budget process can improve the quality of public spending, boost investor confidence, and ensure that resources are directed toward programs that support inclusive growth and long-term development,” the MBC said.

In addition, the MBC urges the government to prioritize the passage of the Freedom of Information (FOI) bill to ensure unrestricted public access to official government records and documents, thereby promoting transparency in government transactions.

It is also pushing government agencies to actively disclose relevant information related to programs and initiatives on their websites.

To further attract investors, the MBC is asking the government to improve the implementation of the Ease of Doing Business Act, particularly in its mandate to establish an electronic business permitting and licensing system among government agencies and local government units (LGUs).

With this, the business group appeals to the Anti-Red Tape Authority (ARTA) for greater authority to penalize non-compliant agencies or LGUs, as implementation levels still vary.

Through transparency reforms, the MBC said the government can play a decisive role in attracting the “right kind of investor” to uplift the lives of Filipinos.

“Transparent, accountable, and rules-based institutions reduce corruption, improve public service delivery, and create a more predictable environment for investors, helping lower the cost of doing business and attract long-term investment,” it said.