05.30.2008 The Bangko Sentral ng Pilipinas (BSP) has been receiving requests from the public to trace bank deposits of deceased or incompetent persons. The Law on Secrecy of Bank Deposits (RA No. 1405, as amended), however, inhibits BSP from making inquiries regarding these requests.
The law specifically prohibits the inquiry by any person or institutions including the BSP into deposit accounts and investments in government securities (including the mere existence of the same) except for specific circumstances.
A court order is generally required to inquire into any deposit account or investment in government securities. Nevertheless, inquiries may still be pursued if the depository bank of the deceased or incompetent person can be identified through documents such as passbooks, certificates, automated teller machine cards, etc.
In such a case, the representative of a deceased or incompetent person can inquire directly from the depository bank the requirements for tracing deposits or withdrawing from deposit accounts.
The requirements may vary for each bank. The person seeking assistance may be asked to present documents to prove his/her relation to the deceased or his/her estate or the incompetent depositor, as follows:
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Requesting Party
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Document Needed
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a. Regular Administrator
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Letter of Administration issued by the appropriate court in a probate proceeding, testate or intestate
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b. Special Administrator
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Order of Appointment as a special administrator by the appropriate court in a probate proceeding
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c. Executor with will annexed
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Letter of Administration issued by the appropriate court in a probate proceeding after taking into consideration the fact the executor/s named in a will have refused or is unable to act as such
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d. Guardian with letters of guardianship
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Letter of Guardianship issued by the appropriate regional trial court which is sufficient in form and substance to invest the appointee with due authority
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In addition, the bank may request other documents to further establish the identity of the requesting party and to show proof of relation, filiation, and authority of the requesting party to the decedent or his or her estate or incompetent depositor.
Any assistance in the tracing of bank deposits of deceased or incompetent persons rendered by a bank shall be subject to its compliance with the Law on Secrecy of Bank Deposits and other pertinent rules.
For further clarification, please contact
FINANCIAL CONSUMER AFFAIRS GROUP
Supervision and Examination Sector
BANGKO SENTRAL NG PILIPINAS
5th Floor, Multistorey Building, BSP Complex
Mabini, Manila
E-mail address: consumeraffairs@bsp.gov.ph
Tel. Nos.: Direct Line (+632) 523-3631 • Trunkline (+632) 524-7011 local 2584 | 
