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MANILA - Financial institutions should enhance surveillance and monitoring measures against digital vote buying and selling, the central bank said Monday, as the May 2022 elections approach.

In a statement, the Bangko Sentral ng Pilipinas said it issued Memorandum M-2021-074 to supervised financial institutions (BSFIs) in order to "mitigate heightened risks of the possible use of electronic channels like online banking and mobile wallets in vote buying or selling activities."

The Commission on Elections earlier warned that electronic channels could be used for vote buying.

Adoption of electronic money transfers surged during the COVID-19 pandemic.

An example of digital vote buying is a significant number of transaction account registrations in areas where vote buying or selling is rampant, the BSP said.

Banks should also be wary of large cash transactions during the period as unusual transaction flows between accounts in atypical volumes and values in cash in or cash out channels, it added.

The BSP said it is closely coordinating with the Comelec and the Philippine National Police to reduce election vote buying or selling using digital platforms.

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The public should report suspected unlawful activities related to digital transactions to the following:

• PNP National Headquarters
  Camp General Crame, EDSA Quezon City 1110
  pcrnsu@yahoo.com
  (+632) 8723-0401 local 3696
• National Bureau of Investigation
  NBI Building, Taft Avenue, Ermita, Manila 1000
  ccd@nbi.gov.ph
  (+632) 8523-8231 to 38

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