Philippines imposes surprise money ban

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LANDBANK ATMThe Philippines is coming close to virtual lockdown ahead of elections scheduled for next Monday, May 13, adding restrictions on large bank withdrawals to a growing list of bans.

The Commission on Elections (Comelec) passed an unannounced resolution on May 7 restricting daily withdrawals above 100,000 pesos ($2,447) in an effort to curb vote buying.

The ban became effective the morning of May 8 and will stay in effect until the night of election day.

Investors and the Central Bank of the Philippines (BSP) have expressed explicit concerns that the ban will directly impact business during its duration, a fear that Comelec has brushed aside stating that normal commercial transactions do not require “millions of pesos.”

BSP issued a statement saying that while it supported Comelec’s resolution to ensure clean and honest elections, the bank believes that a money ban may not be the best way as it disrupts business and commercial transactions.

Moreover, the central bank has stated that the resolution will do little to monitor bank deposits, as this action would violate secrecy laws.

A variety of bans are commonly implemented in the Philippines during elections given the country’s history of widespread corruption and politically motivated violence.

A gun ban has been in place since January and a ban on the sale of liquor is due to come into effect from May 9-13.

 

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Reading Time: 1 minute

The Philippines is coming close to virtual lockdown ahead of elections scheduled for next Monday, May 13, adding restrictions on large bank withdrawals to a growing list of bans.

Reading Time: 1 minute

LANDBANK ATMThe Philippines is coming close to virtual lockdown ahead of elections scheduled for next Monday, May 13, adding restrictions on large bank withdrawals to a growing list of bans.

The Commission on Elections (Comelec) passed an unannounced resolution on May 7 restricting daily withdrawals above 100,000 pesos ($2,447) in an effort to curb vote buying.

The ban became effective the morning of May 8 and will stay in effect until the night of election day.

Investors and the Central Bank of the Philippines (BSP) have expressed explicit concerns that the ban will directly impact business during its duration, a fear that Comelec has brushed aside stating that normal commercial transactions do not require “millions of pesos.”

BSP issued a statement saying that while it supported Comelec’s resolution to ensure clean and honest elections, the bank believes that a money ban may not be the best way as it disrupts business and commercial transactions.

Moreover, the central bank has stated that the resolution will do little to monitor bank deposits, as this action would violate secrecy laws.

A variety of bans are commonly implemented in the Philippines during elections given the country’s history of widespread corruption and politically motivated violence.

A gun ban has been in place since January and a ban on the sale of liquor is due to come into effect from May 9-13.

 

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