SPA for Bank Accounts & Financial Transactions in the Philippines

For Filipino-Canadians who still maintain bank accounts in the Philippines, managing those accounts from thousands of kilometres away presents a real challenge. Whether you need to withdraw funds for a family emergency, close a dormant account, collect proceeds from a maturing time deposit, or claim government benefits, Philippine banks generally require the account holder to appear in person. A Special Power of Attorney (SPA) for bank accounts is the legal mechanism that bridges this gap, authorizing a trusted representative in the Philippines to act on your behalf.

However, Philippine banking regulations, including the Bank Secrecy Act and Anti-Money Laundering Act, impose strict requirements on who can access account information and conduct transactions. Banks themselves often layer additional policies on top of these laws. This guide explains the banking powers you can delegate through an SPA, the bank-specific and regulatory requirements you must satisfy, and the step-by-step process for executing a valid SPA from Canada.

Banking Powers You Can Delegate Through an SPA

An SPA for bank transactions must explicitly enumerate each power you are granting to your attorney-in-fact. Philippine banks will reject an SPA with vague or overly broad language. The following table outlines the eight most commonly delegated banking powers and what each one covers.

#	Banking Power	What It Covers	Typical Use Case
1	Withdraw Funds	Present withdrawal slips, encash checks, and receive cash or manager’s checks from savings or current accounts	Family emergency expenses, paying bills in the Philippines
2	Close Accounts	File account closure requests, receive remaining balances, sign closure forms and quitclaim documents	Consolidating dormant accounts, transferring funds before account fees accumulate
3	Transfer Funds	Execute inter-account transfers, wire transfers to other banks, or fund transfers to third-party accounts	Paying contractors, settling debts, funding family members’ accounts
4	Open New Accounts	Complete account opening forms, submit KYC documents, make initial deposits (limited acceptance by banks)	Setting up accounts for investment, receiving rental income
5	Manage Time Deposits	Pre-terminate, roll over, or collect proceeds from maturing time deposit certificates	Accessing locked funds, reinvesting maturing deposits
6	Request Bank Statements & Certificates	Obtain account statements, bank certifications, balance confirmations, and transaction histories	Visa applications, proof of funds for immigration, tax compliance
7	Sign Banking Documents	Execute signature cards, loan documents, updated KYC forms, and other bank-required paperwork	Updating account records, maintaining active account status
8	Collect Proceeds & Checks	Receive manager’s checks, claim insurance proceeds deposited to the account, collect dividend payments	Insurance claims, stock dividends, rental income collection

Bank-Specific Requirements in the Philippines

While the Civil Code of the Philippines provides the general legal framework for SPAs, each major bank imposes its own documentary and procedural requirements. Failing to comply with a specific bank’s policies is one of the most common reasons an SPA is rejected at the counter. Below is a summary of what to expect from the five largest Philippine banks.

BDO Unibank

BDO is the largest bank in the Philippines by assets. For SPA-based transactions, BDO typically requires: (1) the original or authenticated copy of the SPA, (2) a photocopy of the principal’s valid government-issued ID, (3) a photocopy of the attorney-in-fact’s valid government-issued ID, and (4) the original passbook or certificate of time deposit, if applicable. BDO branches may also require a specimen signature card signed by the attorney-in-fact. For transactions exceeding PHP 500,000, expect additional verification and possible referral to the branch manager.

BPI (Bank of the Philippine Islands)

BPI has its own SPA template available on its website, and some branches strongly prefer that clients use the BPI format. The SPA must be notarized (if executed in the Philippines) or consularized/apostilled (if executed abroad). BPI requires the attorney-in-fact to present two valid government-issued IDs and may require the SPA to be verified by the branch’s legal or compliance department before the transaction is processed, which can take 3 to 5 business days.

Metrobank

Metrobank generally accepts consularized or apostilled SPAs but requires the document to be verified by their Legal Services Group for high-value transactions (typically above PHP 200,000). The verification process can take 5 to 10 business days. Metrobank also requires a notarized Indemnity Agreement signed by the attorney-in-fact, holding the bank harmless from any liability arising from the SPA-based transaction.

Land Bank of the Philippines

As a government financial institution, Land Bank follows stricter documentation requirements. SPAs must be consularized (not merely notarized abroad) and must include the specific Land Bank branch and account number. Land Bank may also require a certified true copy of the principal’s passport showing entry/exit stamps as proof that the principal is indeed abroad. For pension-related accounts (such as GSIS or SSS pensions deposited to Land Bank), additional agency-specific authorization may be required.

PNB (Philippine National Bank)

PNB accepts consularized SPAs and requires the attorney-in-fact to undergo a brief interview at the branch. PNB’s compliance team may contact the principal directly (via phone or email) to verify the SPA, particularly for account closure or large withdrawals. PNB also has a policy of requiring SPAs to have been executed within the last 12 months for withdrawal transactions, even though Philippine law does not impose a statutory expiration on SPAs.

BSP Regulations and Bank Secrecy Laws Affecting SPAs

Several Philippine laws regulate the confidentiality of bank deposits and impose compliance obligations on banks when processing transactions through representatives. Understanding these laws helps explain why banks are often cautious, and sometimes resistant, when presented with an SPA.

Republic Act No. 1405 (Bank Secrecy Law)

RA 1405 declares all deposits of whatever nature with banks or banking institutions in the Philippines as “absolutely confidential.” This law prohibits the examination, inquiry, or disclosure of bank deposits except: (a) upon written permission of the depositor, (b) in cases of impeachment, (c) upon order of a competent court in cases involving bribery or dereliction of duty of public officials, or (d) when the deposit is the subject matter of litigation. An SPA effectively constitutes “written permission of the depositor,” which is why banks require it to be specific and properly authenticated.

Republic Act No. 6426 (Foreign Currency Deposit Act)

RA 6426 provides even stricter confidentiality protections for foreign currency deposits. These deposits can only be disclosed upon the written consent of the depositor. If you hold a US dollar savings account or other foreign currency deposit in the Philippines, your SPA must explicitly reference the foreign currency account and authorize your attorney-in-fact to access it. Some banks treat foreign currency accounts under a separate compliance review process.

Republic Act No. 8754 and BSP Circular No. 1218

BSP Circular No. 1218 (Series of 2025), which took effect on October 7, 2025, introduced regulations on large-value cash transactions. Under this circular, over-the-counter cash withdrawals are limited to PHP 500,000 per day, whether in a single transaction or multiple transactions. Withdrawals exceeding this threshold must be conducted through checks, fund transfers, or direct credit to another account. Banks must also perform enhanced due diligence (EDD) on large-value transactions, which means your attorney-in-fact may face additional questioning and documentation requirements when withdrawing substantial amounts.

Anti-Money Laundering Act (AMLA) — RA 9160, as Amended

The AMLA requires banks to report covered transactions (single cash transactions of PHP 500,000 or more within one banking day) and suspicious transactions (regardless of amount) to the Anti-Money Laundering Council (AMLC). When a transaction is conducted through an SPA, banks treat it with heightened scrutiny because the account holder is not personally present. Your attorney-in-fact should be prepared to explain the purpose of the transaction and provide supporting documentation if requested.

Using an SPA to Claim Government Agency Benefits

Many overseas Filipinos need to claim benefits or process transactions with Philippine government agencies. While each agency has its own authorization process, an SPA is commonly required. The following table summarizes requirements for the four major agencies.

Agency	Common Claims via SPA	SPA Requirements	Additional Documents
SSS (Social Security System)	Retirement pension, disability benefits, sickness benefits, final benefit claim, loan proceeds	Consularized SPA specifying the SSS benefit type; must include SSS number of the principal	SSS E-1 or E-4 form, valid IDs of both principal and representative, proof that principal is abroad (e.g., passport with exit stamps or OFW certificate)
GSIS (Government Service Insurance System)	Retirement benefits, life insurance proceeds, loan restructuring, policy maturity	Consularized SPA addressed to GSIS; must state specific benefit or transaction	GSIS member ID or policy number, service record (for retirement claims), death certificate (for survivorship claims)
PhilHealth (Philippine Health Insurance Corporation)	Benefit claims for hospitalization, MDR (Member Data Record) updates, premium payment records	Consularized SPA with PhilHealth ID number; some transactions can use an Authorization Letter instead	PhilHealth ID or MDR, hospital billing statements (for benefit claims), valid IDs of representative
Pag-IBIG (HDMF)	Provident fund claims (Total Accumulated Value), housing loan payments, membership verification	Consularized SPA specifying the Pag-IBIG transaction; must include Pag-IBIG MID number	Pag-IBIG MID number or loyalty card, TAV computation sheet (for provident claims), valid IDs of representative

Step-by-Step Process: Executing an SPA for Bank Transactions from Canada

The process for creating a legally valid SPA for Philippine bank transactions involves several steps, from drafting to authentication. Here is the complete workflow.

Step 1: Gather Your Account Information

Before the SPA can be drafted, compile the following details for each bank account you want to include:

• Full legal name of the account holder (as it appears on bank records)
• Bank name and specific branch (e.g., “BDO Unibank, SM North EDSA Branch”)
• Account number(s) and account type (savings, current, time deposit)
• The specific transactions you want to authorize (see the banking powers table above)
• Full legal name and address of the attorney-in-fact in the Philippines
• Valid government-issued IDs for both the principal and the attorney-in-fact

Step 2: Have the SPA Professionally Drafted

While SPA templates are available online, bank-related SPAs require precise legal language. A poorly drafted SPA will be rejected. We recommend engaging a lawyer who is familiar with both Philippine banking requirements and Canadian notarization procedures. The SPA should include:

• A clear preamble identifying the principal and attorney-in-fact
• An itemized list of delegated powers (one power per numbered paragraph)
• The specific bank(s), branch(es), and account number(s)
• A validity period (recommended: 1 year for banking SPAs)
• A clause stating the SPA is irrevocable for a specific period, if desired
• Signatures of the principal and at least two witnesses

Step 3: Notarize the SPA in Canada

The SPA must be signed in the presence of a Canadian notary public (in Ontario) or a notary/commissioner of oaths, depending on the province. The notary will verify your identity, witness your signature, and affix the notarial seal. Bring your valid passport or Canadian permanent resident card as identification.

Step 4: Authenticate the SPA

After notarization, the SPA must be authenticated for use in the Philippines. You have two options:

1. Consularization: Submit the notarized SPA to the Philippine Consulate General in Toronto (or the nearest consulate). You must appear in person. The consulate will verify the notarization and affix its consular seal. Processing typically takes 3 to 5 business days.
2. Apostille + Red Ribbon: Since Canada joined the Apostille Convention in January 2024, you can obtain an apostille from Global Affairs Canada. However, because the Philippines also joined the Convention only recently, some banks may still require consularization. Confirm with the target bank first.

Step 5: Send the SPA to the Philippines

Send the authenticated SPA to your attorney-in-fact in the Philippines via a reliable courier service (e.g., LBC, FedEx, DHL). Always send the original document, as banks will not accept photocopies or scanned versions. Keep a certified true copy for your records.

Step 6: Present the SPA at the Bank

Your attorney-in-fact should bring the following to the bank:

• Original consularized/apostilled SPA
• Photocopy of the principal’s valid ID (passport is preferred)
• Two valid government-issued IDs of the attorney-in-fact
• Original passbook or certificate of time deposit (if applicable)
• Any bank-specific forms (check with the branch beforehand)

Common Issues and How to Avoid Them

Even a properly executed SPA can run into problems at the bank. Here are the most common issues Filipino-Canadians encounter, along with practical solutions.

The Bank Refuses to Honor the SPA

This is the most common complaint. Banks may refuse an SPA because: (a) the powers are too broadly worded, (b) the SPA does not name the specific bank and account, (c) the SPA is more than 12 months old, or (d) the bank requires its own SPA template. Solution: Before drafting the SPA, contact the branch directly and ask for their specific requirements. If they have a proprietary SPA form, use it or incorporate its language into your SPA.

Joint Account Complications

If the bank account is a joint “AND” account (requiring both signatories), both account holders must execute the SPA or each must execute a separate SPA authorizing the same attorney-in-fact. For joint “OR” accounts (either signatory can transact), only the principal who is abroad needs to execute the SPA. Clarify the account type with the bank before drafting.

Dormant Account Reactivation

Under BSP regulations, accounts with no transactions for two years or more are classified as dormant. Reactivating a dormant account often requires the account holder’s personal appearance, and some banks will not accept an SPA for reactivation. If your account has gone dormant, you may need to contact the bank’s head office to request an exception, or consider having the bank issue a manager’s check for the remaining balance instead of reactivating the account.

ATM Cards and Online Banking Cannot Be Delegated

An SPA does not authorize your attorney-in-fact to use your ATM card, access your online banking portal, or use your mobile banking app. These are considered personal access credentials governed by the bank’s terms of service, not by agency law. Sharing your ATM PIN or online banking password with another person may actually violate your account agreement and void the bank’s liability for unauthorized transactions. The SPA covers only over-the-counter and formally documented transactions.

SPA Validity and Expiration

Philippine law does not prescribe a statutory expiration for SPAs. An SPA remains valid until revoked by the principal, until the principal dies, or until the specific purpose is fulfilled. However, as a matter of internal policy, many banks treat SPAs older than one year as “stale” and may refuse to honor them. For banking SPAs, we recommend including a 12-month validity period and renewing as needed.

Frequently Asked Questions

Can I use one SPA for multiple bank accounts at different banks?

Yes, a single SPA can cover accounts at multiple banks, provided each bank, branch, and account number is specifically listed. However, some banks prefer to see a separate SPA addressed specifically to them. To avoid complications, consider preparing separate SPAs for each bank, or at minimum, confirm with each bank that they will accept a multi-bank SPA.

How long does the entire process take from Canada?

The typical timeline is: drafting (1 to 3 days), notarization in Canada (same day with appointment), consularization at the Philippine Consulate (3 to 5 business days), and courier to the Philippines (5 to 10 business days). Total: approximately 2 to 3 weeks from start to when your attorney-in-fact can use the SPA at the bank. Bank verification may add another 3 to 10 business days depending on the institution.

What happens if my attorney-in-fact misuses the SPA?

Under Philippine law, an attorney-in-fact who exceeds the authority granted in the SPA or acts against the principal’s interests may be held liable for damages under Articles 1897 and 1909 of the Civil Code. The agent may also face criminal charges for estafa (swindling) under the Revised Penal Code. To protect yourself, choose your attorney-in-fact carefully, limit the powers granted, set a validity period, and consider requiring the agent to provide an accounting of all transactions.

Can I revoke the SPA after it has been sent to the Philippines?

Yes. You can revoke an SPA at any time by executing a Revocation of Special Power of Attorney, having it notarized and consularized through the same process, and then notifying both the attorney-in-fact and the bank(s) in writing. The revocation takes effect upon notice to the agent. For immediate effect, you can also contact the bank directly and request that they flag the account to not accept SPA-based transactions pending receipt of the formal revocation.

Do I need a separate SPA for each government agency (SSS, GSIS, PhilHealth, Pag-IBIG)?

It is strongly recommended. Each government agency has its own format preferences and documentary requirements. SSS, for example, requires the SPA to include the member’s SSS number and the specific benefit being claimed. While a single comprehensive SPA can technically cover multiple agencies, presenting an agency-specific SPA significantly reduces the risk of rejection and processing delays.

How JCA Law Office Can Help

At JCA Law Office Professional Corporation, we have helped hundreds of Filipino-Canadians draft and execute SPAs for bank transactions in the Philippines. Our team understands the specific requirements of major Philippine banks and government agencies, and we draft SPAs that are accepted the first time.

Our SPA services for bank transactions include:

• Custom SPA Drafting: Tailored to the specific bank(s), account(s), and transactions you need, with precise legal language that Philippine banks accept
• Notarization: In-office notarization at our Toronto location, or remote notarization for clients outside the GTA
• Authentication Guidance: We advise on whether to consularize or apostille based on the target bank’s current requirements
• Government Agency SPAs: Separate SPAs for SSS, GSIS, PhilHealth, and Pag-IBIG claims
• Ongoing Support: If a bank raises issues with your SPA, we can prepare supplementary documents or revised SPAs at no additional drafting fee

Book a consultation today. Call us at 1-855-522-5290 or visit our office at 168 Cannon Street East, Hamilton, Ontario. We serve clients across the Greater Toronto Area and throughout Canada.