Philippines imposes surprise money ban

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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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. 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...

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.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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