Comelec Resolution No. 9688 Imposing Money Ban

Last May 7, 2013, the Commission on Elections issued En Banc Resolution No. 9688 imposing prohibition on the withdrawal, encashment and conversion of any monetary instrument into cash from May 8 to 13, 2013 exceeding One Hundred Thousand Pesos (P 100,000.00). This is one of the means by which Comelec envisions to prevent vote buying for the upcoming election on May 13, 2013. Furthermore it was stated in the resolution that the possession, transportation and/or carrying of cash in excess of Five Hundred Thousand Pesos (P 500,000.00) or its equivalent in any foreign currency from May 8 to 13, 2013 is prohibited. See the full resolution below.

Despite the issuance of the foregoing resolution and deputation of the Bangko Sentral ng Pilipinas to implement the same, BSP interposed its objection on the policy. In their official statement, BSP believes that limiting cash withdrawals ton one hundred thousand pesos (P100,000.00) may not be the best way to achieve the goal of ensuring clean and honest elections. The limitation may disrupt normal business and commercial transactions in the Philippines. To quote (visit www.bsp.gov.ph):

BSP's Statement on Comelec Resolution 9688

05.08.2013

The Bangko Sentral ng Pilipinas supports the COMELEC’s goal to ensure clean and  honest  elections  in  the Philippines. However, the BSP believes that limiting  cash  withdrawals to one hundred thousand pesos (P100,000.00) and for  the  monetary  authority  to  enforce  this may not be the best way to achieve the goal of ensuring clean and honest elections.

The BSP's position is based on the following grounds:

1.    Limiting  cash  withdrawal  and  check  clearing  beyond  one hundred thousand  pesos  may disrupt normal business and commercial transactions in the Philippines.

2.   The  BSP  is  also  constrained  from enforcing the COMELEC resolution because  this  would necessarily entail looking into bank deposit accounts. This  is  essentially  unsound  and in violation of Republic Act (R.A.) No. 1405,  as amended, (Secrecy on Peso deposits) and R.A. No. 6426 (Secrecy on foreign currency deposits).

With this statement, it is expected that banks will cater to withdrawals and other money transactions with its clients in the course of its normal business operations and will not implement the mandate of the Comelec. 

The intention of the resolution is noble but i also believe that preventing vote buying really entails political will upon the Philippine Government. However, how can this be achieved if the voters themselves are pushing the candidates to buy their votes? It is common knowledge that some voters considers it a custom already during election to receive money from the candidates. On the other hand, the candidates themselves are in positions who can influence those who are supposed to apprehend the offenders in vote buying. 

This Monday, May 13, 2013 marks the day when each of us Filipinos will make history, either bad or good. Let us all remember that the candidates' fate is in our hands and most importantly the fate of our nation.

Deed of Sale of Motor Vehicle

Every time we do have a sale transaction, especially those involving real properties and motor vehicles, we need to make sure that the property will be transferred in our name after we have made the payment or simultaneously when the payment is made.
How is this done? Well, the seller or transferor of the property must be made to execute or sign a Deed of Sale. This instrument will be the basis, in case of real property, of the Register of Deeds to cancel the title of the former owner in favor of the buyer or transferee of the property. The Deed of Sale will contain the name of the seller, the terms and conditions of the sale which includes the selling price, the manner of payment of capital gains tax, and the date the sale is consummated. The document must be notarized by a Notary Public. In the Philippines, the notary public should be a Lawyer. Please also take note that if the seller of the property is married, the consent of his/her spouse is required in the document.

You can draft the deed of sale yourself if you want that the notarial fees would be a lot cheaper than when it is the lawyer who will draft the document. Here is a sample of a Deed of Sale:

DEED OF ABSOLUTE SALE OF A MOTOR VEHICLE

KNOW ALL MEN BY THESE PRESENTS:

           

            This Deed is executed by (seller's name), Filipino, of legal age, single/married, with residence and postal address at _______________________________________, hereinafter known as the VENDOR.

WITNESSETH:

            That the herein Vendor is the owner of a motor vehicle which is more particularly described as follows:

                        Make                :           

                        Type of Body     :           

                        Serial/Chassis No.:         

                        Motor No.         :           

                        Year Model       :           

                        Plate No.           :           

                        MV File No.      :           

                       

           

            That for and in consideration of the sum of _____________________________ (P _____________), Philippine currency, in hand paid and receipt of which is hereby acknowledged by the VENDOR to his entire satisfaction from (buyer's name), of legal age, Filipino, single/married and a resident of ______________________________________, by virtue of these presents, hereby SELL, CEDE, TRANSFER, and CONVEY unto the said (buyer's name), his heirs and assigns the above described motor vehicle, free from all liens and encumbrances.

            That the herein VENDOR hereby warrants his full right and civil capacity to transfer and dispose said motor vehicle, and will defend the same against any adverse claims whatsoever.

   

IN WITNESS WHEREOF, the parties hereto have signed this deed this ________ day of ____________, 20___, at __________________________, Philippines.

                                                                                                                  _____________________

                                                                                                             Vendor     

Signed in the Presence of:

            ____________________________                                   ______________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

City of ________                             ) S.S.

            BEFORE ME this _____ day of ___________, 20___, at _____________, Philippines, personally appeared_____________________________, known to me to be the same person who executed/signed the foregoing document in my presence, identified through his _______________ Identification Card No. _____________, which bears his photograph and signature, and he acknowledged under oath to me under penalty of law,  that the whole contents therein are true and that the same is his free and voluntary act and deed.

            WITNESS MY HAND AND SEAL.

                                                                                                                Notary Public

Doc. No. _____________

Page No. _____________

Book No. _____________

Series of 20_______.

Drafting a Special Power of Attorney

A Special Power of Attorney is a legal document wherein a person designates another person to do a particular act in his behalf. This document states the authority of a person and the limits of his authority in doing a particular act. The person executing this document is called the principal and the person designated by the principal to do a particular act is the agent. This document, in order to be valid must be signed by the principal and notarized by a Notary Public. The usual authorities given under a Special Power of Attorney are the following:

1. Authority to Sell a Real Property
2. Authority to Sell Shares of Stocks or other personal properties
3. Authority to manage the business of the principal 
4. Authority to withdraw retirement benefits
5. Authority to obtain a loan
6. Authority to Mortgage Real Property
7. Other Acts which cannot be consummated without the proper authorization from the concerned person.

A sample of A Special Power of Attorney is shown below:

SPECIAL POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS:

           

            I, (principal's name), do hereby name, constitute, and appoint (name of attorney-in-fact (AIF)), of legal age, married, Filipino and a resident of (address of AIF,) to be my true and lawful attorney,for me and in my name, place, and stead, to do and perform the following acts or thing, to wit:

(a)    To administer, manage, oversee, sell, convey, mortgage and/or encumber my house and lot located at ___________________________________;

(b)   To sign, seal, execute and deliver any document or instrument necessary in carrying out into effect the power and authority herein granted;

            HEREBY GRANTING AND GIVING unto my said Attorney-in-Fact full power and authority to do and perform any and all other acts and things necessary or proper to be done in and about the premises as fully to all intents and purposes as I might or could lawfully do if personally present, and hereby ratifying and confirming all that my said attorney-in-fact shall lawfully do or cause to be done in my behalf by virtue of these presents.

            IN WITNESS WHEREOF, I have hereunto affixed my signature this _____ day of June, 2012, at _________________, Philippines.

__________________________________

(Principal)

SIGNED IN THE PRESENCE OF:

____________________________                    _____________________________   

                   (witness)                                                             (witness)

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES            )

City of Dipolog                                   ) S.S.

            BEFORE ME, on the date and place above written, personally appeared (name of principal), with Identification No. ___________ issued on ________________ at _____________________________, and he acknowledged under oath to me under penalty of law, that the whole contents therein are true and that the same is his free and voluntary act and deed.

       

            WITNESS MY HAND AND NOTARIAL SEAL.

                                                           

                                                                                                                Notary Public

Doc. No: ___________

Page No. ___________

Book No. ___________

Series of _________