Businessmen frown on Comelec 'money ban'

Businessmen on Wednesday joined to opposition to the Commission on Elections (Comelec) order limiting cash withdrawals supposedly to prevent vote buying in the May 13 elections. The ban, according to Management Association of the Philippines (MAP) president Melito S. Salazar, will have a negative impact on small and medium enterprises (SMEs). “It seems to be a well intentioned resolution but it has many implications for businesses, especially small and medium businesses,” he said. On Tuesday, the Comelec issued a resolution prohibiting cash withdrawals of more than P100,000 in a single day. It also disallows the carrying of more than P500,000 in cash. But Salazar pointed out that “P100,000 is not that big anymore so it will be small and medium businesses that will be hurt.” The Philippine Chamber of Commerce and Industry (PCCI) echoed MAP's statement. Without mincing words, it said the Comelec resolution was “poorly made.” “It will not really address concerns on vote buying but will create difficulties for businesses, especially medium and small establishments, and workers who depend on them. Businesses who are too small to automate wages, for example, still give out cash,” said PCCI Donald G. Dee. “What will happen to workers who are supposed to get their wages on Saturday? SMEs will need to make small withdrawals then and that’s too much hassle,” he added. Some SMEs pay wages to their workers on a weekly or even daily basis, he added. — KBK, GMA News