BSP alerts financial firms to vote-buying
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The Bangko Sentral ng Pilipinas (BSP) has directed banks and other financial institutions to closely monitor digital fund transfers and implement measures to prevent vote-buying during the election season.
The BSP said financial firms must ensure that customer enrollment and security processes are designed to prevent the creation of fraudulent accounts and transactions using online tools such as e-wallets and mobile banking apps.
"They must watch for red flags, such as a surge in account registrations in areas known for vote-buying or selling, large cash transactions during the election period, and high volume in cash-in or cash-out channels," the BSP said.
The central bank added that it has strengthened coordination with the Commission on Elections (Comelec) and the Philippine National Police to address vote-buying schemes.
According to a report by Statista, at least 30 percent of Filipinos surveyed in 2022 said they believed vote-buying takes place in the country.
Comelec Commissioner Ernesto Maceda Jr. said last month he received reports of vote-buying by individuals and party-list groups in Misamis Oriental, Apayao, Negros Occidental, and Baguio.
He said investigations are underway under the Comelec’s Committee on Kontra Bigay.
