MANILA, Oct 20 (Mabuhay) – The Commission on Elections has partnered with the Securities and Exchange Commission to monitor against campaign funding of corporations and other SEC-registered entities.
Comelec chair Andres Bautista and SEC Chair Teresita Herbosa signed the agreement Monday afternoon that would pave the way for mutual assistance and information sharing on corporations that may engage in partisan political activities with regards to the upcoming 2016 presidential elections.
The SEC prohibits domestic or foreign SEC-registered corporations from giving “donations in aid of any political party or candidate or for purposes of partisan political activity” under Section 36 of the Corporation Code.
Section 95 of the Omnibus Election Code meanwhile, also prohibits Public or Private financial institutions from making any contributions for purposes of partisan political activity. Also covered under the prohibition are Operators of Public Utility, Contractors or Sub-Contractors of Gov’t projects, Grantees of government granted franchises or similar privileges or concessions, those who have been grantees loans or accommodations worth more than 100,000 Pesos by the gov’t, Educational Institutions that have received grants of public funds of more than 100,000 Pesos, Civil Service officials and employees, and members of the AFP, and foreigners and foreign corporations.
Under the agreement, the Comelec will furnish the SEC with information on corporations who made political contributions or donations to candidates and parties, as well as with corporations and other entities who seek to register as a political party, register as a partylist organization or participate in the partylist system of elections.
The SEC meanwhile shall provide the Comelec information that the poll body may need to “fulfill its mandate under the Constitution.” (MNS)