No ‘money ban’ without Aquino’s nod

MANILA, Philippines – The directive of the poll body to impose the controversial “money ban” meant to prevent vote buying as the May 13 mid-term election nears will not prosper without President Benigno Aquino III’s approval.

On Thursday, May 9, President Aquino chided the Commission on Elections (Comelec) for pushing what he called a “shotgun” approach, which he said may have adverse effect on the daily economic activities of individuals and entities that are not party to any political activity.

“Secretary of Justice (Leila de Lima) tells me that under the Constitution, there is need for my concurrence on this matter and I have not given the concurrence,” Aquino said in an ambush interview with reporters after a campaign sortie in Quezon City.

He said Comelec chairman Sixto Brillantes had been informed the ban could not be enforced without his go-signal. “I understand that the Executive Secretary (Paquito Ochoa Jr.) has already talked to Chairman Brillantes.”

He said that the concept is good but doubts the current strategy for enforcing it.

“The proposal (to ban P100,000 withdrawals) is like a shotgun approach that may stop (vote buying) but will also halt a lot of (activities) that you don’t mean to disrupt,” Aquino said.

“It’s like asking the ‘economy to stop’ moving during the time of the ban. And I don’t think that is the intention of Comelec,” he said, noting that fastfood stores and entrepreneurs operating in public markets have daily working capital requirement that involves making over P100,000 transactions a day.

BSP vs Comelec

The Comelec and the Bangko Sentral ng Pilipinas (BSP) are currently at odds over the “money ban” issue.

The BSP did not order the local banks to implement the P100,000 cash withdrawal cap that the Comelec deputized the regulator to do starting May 8.

The banking regulator said the withdrawal cap is “unsound” and that implementing the “money ban” involved violating the Bank Secrecy Law.

The Bankers Association of the Philippines sought a temporary restraining order from the High Court to stop Comelec from asking the banks from implement the money ban order. 

The poll body had amended the order and exempted those who regularly withdraw more than P100,000.

The Comelec had said that the transport an carrying of over P500,000 cash is also banned up to May 13, the election day.

Deputy presidential spokesperson Abigail Valte said the President had discussed the matter with Justice Secretary Leila de Lima, Trade Secretary Gregory Domingo and Finance Secretary Cesar Purisima. – Rappler.com

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