BSP open on Dec. 26 to accept old banknotes
THE Bangko Sentral ng Pilipinas ( BSP) said on Friday its cash departments will be open on December 26 to accommodate the exchange of the demonetized New Design Series banknotes, while some of the country’s major banks announced their schedule of operations for the holidays.
In a statement, BSP Governor Nestor Espenilla Jr. announced that its cash departments in Manila and Quezon City, regional on the day after Christmas to allow people to exchange the New Design Series banknotes—which have been circulating since 1985— with the New Generation Currency banknotes until December 29.
“The BSP shall allow [the] exchange of the old notes [up] to a maximum amount of P100,000 per transaction. The bank will be open to service the public from 8:30 a.m. to 12 noon,” BSP said.
This came after the Office of the President declared work in December 26 and January 2.
Most BSP services, including clearing and settlement, cash servicing, and treasury trading facilities, will not be available on those dates, the central bank said.
Operations of BSP’s Philippine Payments and Settlements System will also be closed on those days, which are considered non-reserve days.
“Accordingly, the reserve position as computed at the close of business on December 22, 2017 shall be carried up to December 26, 2017, and the reserve position as computed at the close of business on December 29, 2017 shall be carried up to January 2, 2018,” the Bangko Sentral said.
All reports due on December 26 and January 2 may also be submitted on the next banking day without penalty.
“All banks and NBQBs [non banking functions] are advised to make the necessary prior arrangements to ensure smooth operations leading to the abovernentioned regular holidays and immediately after the dates covered by Malacañiang Memorandum Circular 37,” BSP said.
Holiday schedule
Meanwhile, several banks will limit their operations during the Christmas season, but assured clients that they could still use their automated teller machines (ATMs) and other electronic platforms.
Philippine Savings Bank (PSBank) will be closed on December 25, but its 613 ATMs will be online and its PSBank Mobile and PSBank Online facilities will remain available.
Select branches of Security Bank will be open on December 24 and 30. All its branches will be closed on December 25 and 31, as well as on January 1, 2018. All its ATM and point-of-sale machines, as well as its internet banking facility, will be available for transactions on these dates.
The bank’s normal operations will resume from December 26 to 29.
branches in select malls will have shortened banking hours on December 24 and 31. All its branches will close on December 25 and January 1.
BDO will resume regular operations in its branches from December 26 to 29 and January 2, but will shorten them on December 30. Its electronic channels, however, will be open to handle transactions during the holidays.