PNoy: Comelec 'money ban' to bring PHL economy to a halt

President Benigno Aquino III on Thursday said he did not give the concurrence required by the 1987 Constitution to the Commission on Elections (Comelec)'s plan to limit cash withdrawals in the days leading to the midterm polls. Aquino said enforcing the Comelec's "money ban" was tantamount to bringing the Philippine economy to a halt. "Maganda iyong idea pero mali siguro 'yung paano mo ipatutupad. Parang equivalent rin sa sinabing: ‘Ihinto natin 'yung ekonomiya during the time of the ban’. I don't think that is the intention of Comelec," the President said at the sideline of an administration sortie Thursday morning. It was "typical" for some business establishments in the country to withdraw huge sums of money in a day, he added. In an attempt to curb vote-buying during the midterm polls, the Comelec on Monday announced that it came out with a resolution prohibiting cash withdrawals of more than P100,000 a day or carrying cash exceeding P500,000.   The Bangko Sentral ng Pilipinas, which the Comelec deputized to implement the ban, refused to comply with the poll body's resolution, saying the order will "disrupt normal business and commercial transactions in the Philippines." Due to this, the poll body announced earlier Thursday it will let bank tellers and officials decide whether or not to allow its clients to withdraw P100,000 or more. Aquino also ordered some Cabinet officials to take a look at the "consequences" of the Comelec order. Article IX, Section 2(4) of the 1987 Constitution states that the Comelec can "deputize, with the concurrence of the President, law enforcement agencies and other instrumentalities of the government, including the Armed Forces of the Philippines, for the exclusive purpose of ensuring free, orderly, honest, peaceful and credible elections." — VS, GMA News