Comelec amends money ban rule
Comelec Chairman Sixto Brillantes. FILE PHOTO
MANILA, Philippines–The Commission on Elections (Comelec) amended its controversial money ban resolution, adding an exemption to banks clients who regularly withdraw more than P100,000.
“On the Money Ban, we are now signing the amendatory, supplementary resolution,” Comelec chairman Sixto Brillantes Jr. told reporters Thursday morning.
Brillantes said that the poll body added a provision giving banks the discretion to allow withdrawals of more than P100,000 for their regular clients.
“Since they have what is known as a customer relationship, they will know who among their clients regularly withdraws in excess of more than P100,000,” Brillantes said.
“That will fall under the exemption,” he said.
Comelec Resolution 9688-A promulgated Thursday states that: “the Commission … resolves to exempt withdrawals, which to the determination of the bank, are routine, regular and made in the ordinary course of business of the withdrawing client consistent with the prevailing ‘know-your-client’ policy of the BSP (Bangko Sentral ng Pilipinas). ”
When asked what would happen should the BSP refuse to implement the resolution, Brillantes said nothing.
“The directive really is address to the banks. If [BSP won’t] issue a circular to the banks, the banks will have to take some risks in allowing withdrawals more than P100,000,” he said.
