The Bangko Sentral ng Pilipinas (BSP) trained banks to guarantee continuing financial solutions to the public for example at account opening and in the accessibility of cash throughout the altered improved community quarantine (MECQ).
In a memo (Memorandum Order M-2020-062), BSP Deputy Governor Chuchi G. Fonacier reported all BSP-supervised monetary institutions (BSFIs) will also be predicted to execute or “adopt appropriate business strategies” that will meet the challenges of the COVID-19 pandemic. She said banks should be “more agile, flexible, and responsive to the financial services needs of the public and operational requirements” now that the BSP and the banking sector are transitioning under the New Economy Arrangement NEA.
Fonacier said which as majority of this population remains confined during the two-week MECQ period or until August 18, she is enjoining banks and other supervised institutions to be prepared and “enforce operational capabilities” for the increase in account opening during the next weeks. She also sees a rise in basic financial and payment transactions through online financial platforms such as internet and mobile banking.
“As mobility restrictions limit branch operations, BSFIs should ensure that basic cash services are always available through timely and adequate provisioning of cash in the ATM terminals,” said Fonacier in the memo.
Banks are also reminded to closely monitor “other operational issues that may have significant business impact, which include but are not limited to cybersecurity concerns, critical third party service provider issues, and customer complaints.”
Some areas in the National Capital Region and other locations reverted back to the stricter MECQ last August 4 after a surge in the number of infected COVID-19 individuals and a industry of the overwhelmed health workers appealed to a reprieve.
SIGN UP TO DAILY NEWSLETTER
CLICK HERE TO SIGN-UP