Recto urges Comelec to withdraw ‘money ban’ resolution | Inquirer News

Recto urges Comelec to withdraw ‘money ban’ resolution

By: - Reporter / @MAgerINQ
/ 02:35 PM May 08, 2013


MANILA, Philippines – Senator Ralph Recto  has asked the Commission on Elections to recall its resolution that prohibits cash withdrawals of more than P100,000  starting  this  Wednesday  until May 13, blasting the move as a “curtailment of  economic  freedom.”

“The Comelec should withdraw the resolution. It will be impossible to implement. [There is] not enough time for banks and individuals to read and understand the resolution. It may be unconstitutional,” Recto said in a text message.


Recto’s remarks added to the growing concern that the money ban imposed by the Comelec would be disruptive to business and commercial transactions within the economy.


The Bankers Association of the Philippines had said its members will not comply with the Comelec’s directive.

Recto also questioned the soundness of the money ban. “It’s a curtailment of economic freedom. The Comelec cannot interfere with private depositors’ money,” he said.

The senator earlier described the resolution as “crazy.”

Contrary to the Comelec’s  statement,  Recto said the resolution  would not stop or minimize vote-buying and in fact, he said,  it would have an “adverse impact” on the entire economy.

“Why make it difficult for everyone transacting with banks and other when most are not involved in political activity?” he asked.

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TAGS: Banking, Comelec, economic freedom, money ban, Nation, News, poll fraud, Senate, vote-buying

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