The Bangko Sentral ng Pilipinas (BSP) has called on all BSP-supervised financial institutions (BSFIs) to enhance their monitoring systems to prevent the abuse of financial platforms in the upcoming May 2025 elections. In a memorandum issued on March 23, 2025, the BSP outlined clear directives for BSFIs to step up surveillance against vote buying and selling, with a particular focus on digital channels such as online banking and mobile wallet apps.
BSP Memorandum No. M-2025-006 urges financial institutions to ensure their systems are equipped to detect and prevent fraudulent activity during the election period. This includes reinforcing customer onboarding processes, bolstering fraud management systems (FMS), and improving account and transaction monitoring protocols to guard against the misuse of digital financial tools.
A critical element of the BSP’s directive is to identify red flags that could signal illicit activity. Institutions are advised to monitor for unusual spikes in account registrations in regions notorious for vote buying, along with large cash transactions, atypical transaction patterns, and significant volumes of cash-ins or cash-outs during the election period.
This move comes in response to the Commission on Elections (COMELEC) Resolution No. 11104, which calls for more stringent measures to address vote buying and selling. In addition to the collaboration with COMELEC, the BSP is working alongside the Philippine National Police (PNP) to ensure tighter controls over financial platforms during the election season.
The role of community vigilance is highlighted in the BSP’s call for collaboration. Citizens, together with financial institutions, can help safeguard the integrity of the elections by reporting suspicious activities and ensuring that digital channels are not exploited for fraudulent purposes. This joint effort between regulators, financial entities, and the public aims to protect the democratic process from the damaging influence of illicit transactions.
By focusing on both traditional financial systems and emerging digital platforms, the BSP’s proactive stance underscores the need for vigilance and cooperation in ensuring that the upcoming elections remain free from the corrupting influence of vote buying.
