Ex-finsec urges cash limits to fight graft in PH

To combat what he calls “systemic weakness,” former Finance Secretary Cesar V. Purisima is urging the government to adopt bold financial reform agenda, including cash transaction limits and demonetization, to fight corruption at its source.

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In a recent social media post, Purisima, who served as finance chief under the Aquino administration, argued that the country’s cash-centric financial system is major enabler of graft, making it easy for bribes and kickbacks to go undetected.

“The recent corruption scandals in the Department of Public Works and Highways (DPWH) have once again laid bare a systemic weakness in the Philippines’ fight against graft: the role of cash," Purisima wrote on his Facebook.

He said that as long as cash remains “untraceable, untaxed, and invisible to regulators,” corruption will “always find a way.” The former finance chief added that superficial reforms like administrative reshuffles are not enough.