Manila: The Election Commission has imposed curbs on cash withdrawals as part of measures to prevent candidates from engaging in vote buying.
It has banned people from carrying large amounts of cash and buying alcohol in efforts to curb rampant violence before elections next week.
The money ban means banks are not allowed to hand over more than 100,000 pesos (Dh8,815) to customers until after Monday’s mid-term elections, the Commission on Elections (Comelec) announced.
The Commission’s directive also makes it illegal for anyone to carry more than half a million pesos in cash until polls close.
“We’re trying to prevent the circulation of cash, which can be used for vote buying,” its chief Sixto Brillantes said.
Filipinos are banned from transporting or possessing cash in excess of P500,000. Foreigners are exempted from the restrictions.
The bank transaction curbs, referred to as “money ban” is in effect from Wednesday (May 8) until May 13, which is the election day.
Multi-tiered approach
In its resolution adopting the curbs, the Commission on Elections said it “finds it necessary to adopt a multi-tiered approach to prevent and apprehend vote-buyers, particularly the regulation and control of the flow of cash, which is the primary medium used in vote-buying.”
The rule by Comelec is the first time the poll administration body has adoped such drastic measures to eradicate vote buying and other electoral fraud.
According to the election watchdog Parish Pastoral Council for Responsible Voting (PPRCV), corrupt Philippine politicians are notorious for bribing voters during election time.
According to Comelec chairman Brillantes, vote buying is a serious election offence under the country’s laws.
“Candidates or individuals found guilty of violating the Omnibus Election Law, particularly vote buying, can be imprisoned for up to six years,” he said.
But while civil society is confident that Comelec efforts will bear positive results in efforts to promote clean and honest elections, the Banko Sentral ng Pilipinas (BSP) or Philippine Central Bank has doubts that such a law can be implemented.
Disruption to business
The institution expressed concern that such a rule could disrupt the normal flow of banking transactions, especially those involving businesses.
“Limiting cash withdrawal and check clearing beyond [P100,000] may disrupt normal business and commercial transactions in the Philippines,” according to the BSP as it objected to the new banking rule.
It also expressed concern that the country’s laws governing confidentiality of bank deposits would be violated. “The BSP is also constrained from enforcing the Comelec resolution because this would necessarily entail looking into bank deposit accounts,” it said.
It added that the new Comelec rules violate the constitution.
Earlier this year, the Comelec imposed limits on the airtime allotted for candidates in the mid-term elections in a bid to level the playing field between election hopefuls. The implementation of this rule was, however, deferred by the Supreme Court.
