THE Bangko Sentral ng Pilipinas (BSP) has issued a memorandum urging financial institutions to bolster their defenses against vote buying and selling in the lead-up to the May 2025 elections. BSP Memorandum No. M-2025-006, dated March 23, 2025, directs BSP-supervised financial institutions (BSFIs) to enhance their surveillance and monitoring systems, particularly focusing on the prevention of digital channel abuse.
The memorandum emphasizes strengthening customer onboarding processes, fraud management systems (FMS), and account and transaction monitoring to deter fraudulent activities associated with vote buying. BSFIs are advised to be vigilant for suspicious activity, including:
- A sudden increase in account registrations in areas known for vote buying.
- Large cash transactions during the election period.
- Unusual transaction patterns.
- High-volume cash-in or cash-out activity.
This initiative aligns with the Commission on Elections (COMELEC) Resolution No. 11104 (January 28, 2025), which called for stricter measures to combat vote buying. The BSP is collaborating with COMELEC and the Philippine National Police (PNP) to address this issue effectively.
Reporting Suspicious Transactions:
Suspected illegal transactions should be reported to either:
Philippine National Police (PNP):
- Camp General Crame, EDSA Quezon City 1110
- pcrnsu@yahoo.com
- (+632) 8723-0401 local 3696
OR
National Bureau of Investigation (NBI):
- NBI Building, Taft Avenue, Ermita, Manila 1000
- ccd@nbi.gov.ph
- (+632) 8523-8231 to 38
