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RBAP Statement on Comelec Resolution No. 9688

08 May 2013

The Rural Bankers Association of the Philippines (RBAP) is waiting for ‘official final orders’ from the Bangko Sentral ng Pilipinas (BSP) before implementing the recently issued resolution of the Commission on Elections (Comelec), limiting cash withdrawal transaction to P100,000.

“We will respect and follow the decision of the BSP as a regulating body especially since the Comelec resolution may cause serious implications not only to the services we provide to our people in the countryside but also with the entire rural banking industry,” said Atty. Edward Leandro Garcia, RBAP President.

He added, “We are one with the Comelec in implementing all possible measures to ensure a clean and honest mid-term election. However, we still have to wait for a formal directive from the BSP whether to implement the same since they are our regulator.”

Earlier this morning, the BSP has already expressed opposition to Comelec Resolution No. 9688, citing that it “may disrupt normal business and commercial transactions in the country.”

BSP, in its official statement, also said they are constrained from enforcing the Comelec resolution as this would entail “looking into bank accounts,” which would be tantamount to a violation of Republic Act 1405 on Secrecy on Peso Deposits and Republic Act 6426 on Secrecy of Foreign Currency Deposits.

Comelec Resolution No. 9688 imposes a ban on cash withdrawals of more than P100,000 from banks and financial institutions five days before the elections. It also bans the “possession, transportation and/or carrying of cash” worth more than P500,000.#