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).