BSP Tells Banks to Tighten Monitoring Systems vs Vote Buying Ahead of May 2025 Polls

The Bangko Sentral ng Pilipinas (BSP) has issued a directive urging all BSP-supervised financial institutions (BSFIs) to strengthen their systems in order to detect and prevent vote buying and selling during the lead-up to the May 2025 midterm elections.

In Memorandum 2025-006, the central bank outlined the need for stricter surveillance, fraud management, and account monitoring processes. BSFIs are expected to enforce proper customer onboarding and improve transaction monitoring, especially in areas known for electoral fraud.

Financial institutions were told to be on alert for suspicious activities such as spikes in account openings in high-risk areas, unusually large cash transactions or check encashments during the campaign period, and irregular transaction patterns in digital banking platforms and e-wallets.

The BSP emphasized monitoring the frequency, volume, and velocity of transactions, especially those involving cash-in and cash-out channels, which may hint at vote buying operations.

This move follows the Commission on Elections (Comelec) Resolution No. 11104 issued earlier this year, which imposed tighter mechanisms to combat electoral fraud.

The 2025 midterm elections are set for May 12, with the senatorial and party-list campaign period running from February 11 to May 10, and the local and congressional campaign season beginning on March 28.