The Securities and Exchange Commission and the Commission on Elections on Monday signed an agreement to share information about the upcoming presidential elections.
The two state agencies agreed to act as “information-sharing partners” in developing a policy that will ensure the effective implementation of election laws and the enforcement of the Corporation Code of the Philippines.
Among the salient provisions of the agreement is for Comelec to furnish the SEC with names of corporations and other SEC-registered entities engaged in partisan political activities within 30 days from receipt of the disclosure reports, starting from the 2016 national and local elections.
These include political contributions or donations to candidates and parties, as disclosed in the campaign submissions of candidates and parties.
Comelec will provide the SEC with advertising contracts furnished by mass media outlets to the election body.
Meanwhile, the SEC committed to provide the Comelec with names of corporations or other SEC-registered entities who are recipients of primary franchisees and secondary licenses or permits and other information that Comelec requires.
Both parties also agreed to share information with the other if they reciprocally discover violations of the other laws being enforced by the respective agencies.
The SEC said the mutual assistance and information sharing agreement will take effect in time for the upcoming 2016 national and local elections.
The Corporation Code states that “no corporation, domestic or foreign, shall give donations in aid of any political party or candidate or for purposes of partisan political activity.”
Violation of the Corporation Code is punished by a fine ranging from P1,000 to P10,000, or by imprisonment for not less than 30 days and not more than five years, or both.
The Omnibus Election Code prohibits public or private financial institutions,
operators of public utility or those in possession of or exploiting any natural resources of the nation from making any contributions for purposes of partisan political activity.
Also prohibited are contractors or subcontractors that supply the government with goods or services or perform construction or other works; grantees of government-granted franchises, incentives, exemptions, allocations, or similar privileges or concessions, and those who have been granted loans or accommodations worth more than P100,000 by the government
Under the Omnibus Election Code, any person found guilty of any election offense will be punished with imprisonment of not less than one year and not more than six years and will not be subject to probation.