BSP Cebu Notes Hike Of Withdrawals In Small Bills During Election Season

The Bangko Sentral ng Pilipinas (BSP) Cebu Regional Office has noted an increase in the withdrawals of small peso bills during the election season.

BSP Cebu Regional Director Leonides Sumbi said banks notice such withdrawals which heighten every election season and during Christmas.

Sumbi said the BSP does not directly transact with the public as all transactions are channelled through client banks.

She said there is an increase in the withdrawals of smaller bills like Php20 and Php50, but they cannot tell with certainty if these were used for vote-buying.

The Cebu Bankers Club has confirmed the increase of withdrawals of smaller bills starting January this year.

“There are some politicians who would say allowance to volunteers and some expenses, and some businessmen, who would say for payroll,” said CBC President Maximo Rey Eleccion.

Eleccion believed the withdrawals could possibly be for vote-buying.

“Sad reality, but we cannot deny them to clients because it’s their money,” he said. (PNA) LDV/EB/EBP