BSP clearing, settlement open on ASEAN holidays

Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. yesterday said they will not suspend clearing and settlement operations on November 13 to 15, which was declared by Malacanang as non-working days as country host to the 31st ASEAN Summit and Related Meetings.

“We will definitely operate PhilPaSS (Philippine Payments and Settlements System) and our cash servicing unit during the coming ASEAN holidays,” Espenilla confirmed.

However it is not yet clear as of Friday if foreign exchange and bond trading will be business as usual during the summit.

Also, the central bank has yet to issue an advisory if foreign exchange swap transactions or open market operations are likewise open for deals and bids.

The government has said that special non-working days will be declared in Metro Manila, Bulacan, and Pampanga where the summit meetings will be held. Most events are in the metropolis and in Clark Field in Pampanga, The heads of state and leaders of the 10-member ASEAN has confirmed attendance during the summit. The ASEAN is composed of the Philippines, Indonesia, Malaysia, Thailand, Laos, Cambodia, Myanmar, Singapore, Brunei Darussalam and Vietnam. These are a total of 21 world leaders and the secretary-general of the United Nations that will attend the events and meetings. US President Donald Trump, in the meantime, is expected to attend a special gala event for the 50th anniversary of the regional trade grouping but will skip the US-ASEAN Summit on November 13. The Philippines is chair for the ASEAN 2017 with the theme “Partnering for Change, Engaging the World.” This is the third time the country chaired the trade bloc, the first time was in 1987 (the 3rd ASEAN Summit) and the second was in 2007 (the 12th ASEAN Summit) . This year, it is hosting the 30th -- which was held last April 28 and 29 -- and the 31st ASEAN Summit – all events are held within 2017.