Should politicians be legally penalized for advertising and campaigning before the official election period begins?

In 2009, the Philippine Supreme Court ruled in 'Peñera v. COMELEC' that a person is not officially a candidate until the campaign period legally starts, effectively legalizing premature campaigning. This controversial loophole allows politicians with massive war chests to blanket the airwaves with thinly veiled 'advocacy' commercials months or even years before an election. Proponents of a ban argue it levels the playing field so elections aren't just bought by the highest bidder before the race even starts. Opponents argue that regulating pre-election speech is unconstitutional and that extended public exposure actually helps voters scrutinize candidates more thoroughly.