The Bangko Sentral ng Pilipinas (BSP) assures the public that the banking industry shall continue providing essential services to its clients.
As part of global risk management standards, banks have in place and activated business continuity plans that aim to ensure deposit-taking, ATM withdrawals, check clearing, and other banking activities. While doing so, the BSP urges all banking personnel, especially frontliners, to carry out necessary protocols against COVID-19.
The coronavirus outbreak is a public health crisis, not a financial crisis. Depositors are advised to remain calm as the banking system has the ability to service all withdrawals within a reasonable period.
The BSP is closely coordinating with the Bankers Association of the Philippines, Chamber of Thrift Banks and Rural Bankers Association of the Philippines for the industry’s current cash requirements. In addition, payment settlements continue to be performed through PhilPass.
We also encourage the use of e-banking and digital payment services as this enables the public to carry out needed financial transactions safely amid this public health crisis.
The BSP and the banking industry stand ready to ensure the safe and smooth functioning of the banking system.
Source: Bangko Sentral ng Pilipinas (BSP)