Comelec Imposes ‘Money Ban’ to Restrain Vote-Buying

The Comission on Elections (Comelec) is imposing a ban on cash withdrawals of more than P100,000 from banks and other financial instituitions, effective Wednesday May 8 until May 13.

This resolution which aims to stop vote-buying during the remaining days of the election campaign was signed by all seven Comelec commissioners.

In a report, according to Comelec Chairman Sixto Brillantes Jr., the idea has been up in the table since March but they kept silent about it, not until 5 days before the election day to prevent bulky withdrawals.

In Resolution No. 9688, the Comelec said it “resolved to prohibit the withdrawal of cash, encashment of checks and conversion of any monetary instrument into cash from May 8 to 13, 2013 exceeding P100,000 or its equivalent in any foreign currency.”

Along with the money ban, the Comelec also prohibits “encashment of checks and conversion of any monetary instrument into cash from May 8 to 13 exceeding P100,000 or its equivalent in foreign currency, per day in banks, finance companies, quasi-banks, pawnshops, remittance companies and institutions performing similar functions.”

However, those which are not covered by the ban are other non-cash transactions.

The resolution also stated that “possession, transportation and/or carrying” of more than P500,000 in cash or its equivalent in foreign currencies during the ban period is not also allowed. Violation of such will be presumed liable for vote-buying or election fraud.

Comelec checkpoints are directed to “include the money ban check point, in addition to existing gun-ban checkpoint.” They also directed the National Bureau of Investigation (NBI)and the Philippine National Police (PNP) to do a move against vote-buying.

Those who are exempted of the ban of carrying cash of not more than P500,000 are farmers, merchants and other “persons similarly situated traveling to and from Manila or other business destinations.”

In this case, proof of their occupation and “transaction which generated the cash exceeding the threshold” should be shown.

According to Brillantes, Bangko Sentral ng Pilipinas (BSP) opposed the resolution in reservations that it may affect the commerce.

However, in a report, Brillantes extend his assurance to the monetary officials that the “money ban” would not impede the flow of commerce. He mentioned about no restraint in trade as check transaction is not included in the ban. Therefore, Commerce will still move.

Sources: philstar.com, inquirer.net