PH central bank orders FIs to strengthen surveillance against vote buying

The Philippines will hold elections in May 2025.

The Bangko Sentral ng Pilipinas (BSP) has ordered Philippine financial institutions to strengthen their surveillance and monitoring systems against vote buying and selling ahead of the upcoming local elections in May.

BSP Memorandum No. M-2025-006 specifically instructs BSP-supervised financial institutions (BSFIs) to “take steps to counter the abuse or misuse of digital channels, such as online banking and mobile wallet applications, for vote buying and selling.”

BSFIs should ensure that customer onboarding processes, fraud management systems (FMS), and account and transaction monitoring settings can mitigate the possible influx of fraudulent accounts and transactions during the election season, the central bank said.

Amongst red flags include a surge in account registrations in areas known for vote buying and selling; large cash transactions during the election period; unusual transaction patterns; and high volume and value in cash-in or cash-out channels.

The BSP said that it is collaborating with COMELEC and the Philippine National Police (PNP) to address election-related vote buying or selling via financial platforms.