EDITORIAL - Regulating campaign finance

Lacking personnel, resources and accounting skills, the Commission on Elections is tapping the Anti-Money Laundering Council together with the Bureau of Internal Revenue and Commission on Audit for assistance in monitoring campaign donations and expenditures. The AMLC, formed following the approval of the 2001 law against money laundering, can itself use more personnel. But its expertise, combined with those of the BIR and COA, can help the Comelec tighten regulation of campaign finance.

This initiative is long overdue. Candidates are supposed to submit to the Comelec a list of their campaign donors plus the amounts contributed. They are also supposed to report their campaign expenses and compliance with maximum amounts imposed by law. Most of the declarations, however, are either incomplete or stretch credulity. And the Comelec has been ineffectual in verifying the declarations.

Attempts in Congress to bring transparency to campaign finance always sputter and die at the hands of lawmakers with self-interest in mind. With the Comelec’s initiative, the nation may not have to wait for legislation.

The lack of transparency in campaign finance is one of the roots of corruption. People who donate substantial amounts to the campaign kitty of a candidate or political party typically expect a return on investment. This comes in the form of sweetheart deals if the candidate wins, or appointment of the donor or his relatives or friends to government positions.

In teaming up with the AMLC, BIR and COA, the Comelec hopes to remove the anonymity of donors and compel the disclosure of amounts contributed. Once the anonymity is lifted, it becomes easier to find out who is cashing in his chips if a candidate wins, and the mode of payment.

The new team cannot keep track of thousands of candidates, but it can initially zero in on those suspected of bankrolling their political campaigns with money from jueteng, smuggling, drug trafficking and other illegal activities. This initiative deserves the full support of the administration of daang matuwid or straight path.