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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).

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