BSP, Comelec team up to curb vote-buying

The Bangko Sentral ng Pilipinas (BSP) and the Commission on Elections (Comelec) are collaborating to prevent vote-buying through both cash and e-wallet services during the upcoming May 12 elections.

Comelec requested the BSP to restrict requests for breaking larger bills into smaller denominations a week or two before election day, as political candidates often use this tactic to appear more generous with voters.

Comelec Chairman George Garcia emphasized that vote-buying typically occurs just days before an election and stressed the importance of monitoring e-wallets and similar platforms during crucial midterm elections.

Last month, Comelec signed a pact with various government agencies and e-wallet firms to support its Kontra Bigay Committee in reducing vote-buying incidents by up to 25 percent this year.

The BSP previously called for stricter monitoring ahead of the 2023 local elections and has now issued guidelines under Memorandum No. M-2023-30, requiring banks to report suspicious transactions to the Anti-Money Laundering Council (AMLC).