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.