SC Stops ‘Money Ban’

The implementation of the ‘money ban’ resolution of the Commission on Elections (Comelec) was stopped by the Supreme Court (SC) on Friday, 3 days prior to Monday polls.

According to report, in a press briefing, Public Information Office Chief Theodore Te said the Supreme Court en banc issued, through Chief Justice Maria Lourdes Sereno, a status quo ante order against Comelec Resolution 9688, which do not allow cash withdrawals exceeding P100,000 per day and the carrying of P500,000 cash beginning May 8, Wednesday, until May 13, Monday.

In a petition, the Bankers Association of the Philippines (BAP) stated that the poll body “acted without jurisdiction” in issuing the resolution, “acted with grave abuse of discretion amounting to lack or excess of jurisdiction.” The ban can be a violation to the 1987 Constitution. It also “acted without jurisdiction” because the ban “invalidly amended Republic Act (RA) No. 9160 (Anti-Money Laundering Act of 2001)

The SC’s move may halt the Comelec’s initiative on restraining vote-buying, considering the little time left for the Comelec to justify its resolution to the SC. However, the Bangko Sentral has opposed already the enforcement of the Comelec’s order.

In a report, Bankers Association of the Philippines (BAP) president Lorenzo Tan said that the BAP intends to “help in ensuring free and honest elections,” but should put into consideration that whatever “policy we come up with must consider the impact of banking business and the rights of our customers.”

He also mentioned about the necessary measures that the banking industry must prepare before the Comelec and BSP imposes a resolution.

Since there are only 3 days left before the elections, Comelec Chairman Sixto Brillantes said he’s OK with the SC’s order. He also said the High Court may have acted on the petition without reviewing the supplemental resolution issued by Comelec on Thursday.

He also added that they may not implement the resolution.

Sources: inquirer.net, abs-cbnnews.com, gmanetwork.com