Full banking services not yet restored in storm sites

THE Bangko Sentral ng Pilipinas (BSP) confirmed on Wednesday it is still working with banks in the Visayas to restore full banking services more than a month after Typhoon Odette ravaged the islands.

In a statement, the BSP said in the interim, affected banks have reported to the BSP that they have adopted shortened banking hours following power, telecommunication, and Internet disruptions caused by the typhoon.

To fast-track their return to full operations, the BSP also reported that affected banks are working currently with utility companies and other web service providers.

“The BSP also advises residents and consumers in these areas to adopt e-banking and digital payment services when possible and transact in banks and branch lite units located in nearby areas where services are fully operational,” the BSP said.

“The banking community in affected areas looks forward to the immediate full restoration of utility and Internet services that will enable the resumption of banking operations,” it added.

Reports from the National Disaster Risk Reduction and Management Council (NDRRMC) showed that damage to agriculture caused by typhoon Odette hit P7.684 billion while damage to infrastructure hit P16.9 billion.

Aside from banking disruptions and damages, BSP Governor Benjamin Diokno earlier said supply disruptions and agricultural damage from Typhoon Odette will likely result in a “temporary uptick in the prices of food items and other necessities over the near term.”

“The BSP will incorporate the typhoon’s impact into its projections once firm estimates become available,” Diokno said.