BSP enhances relief measures for banks

The Bangko Sentral ng Pilipinas (BSP) has further enhanced the operational relief measures extended to banks and financial institutions as the country battles the resurgence of COVID-19 infections.

BSP Governor Benjamin Diokno said the relief measures extended to BSP-supervised financial institutions (BSFIs) would complement the efforts of the government to distribute financial aid and social amelioration funds to intended beneficiaries.

“The package of relief measures was adopted in recognition of the evolving nature of the COVID-19 situation and the need to support BSFI operations to ensure uninterrupted access of clients, especially retail customers, to financial products and services,” Diokno said.

According to the BSP, the measures give banks and financial institutions relevant flexibility in managing their operations and ensuring continuous delivery of financial services amid the pandemic.

BSP Deputy Governor Chuchi Fonacier said the Monetary Board issued Resolution 530 on April 29 approving further enhancements to the operational relief measures for BSFIs.

The enhancements to the operational relief measures extend the expiry period for certain operational relief measures that were put in place in 2020 until endDecember 2021.

These include the relaxation in the notification requirements for changes in banking days and hours, as well as temporary closure of BSFI head office, branches, branchlite-units, offices and service units and the relaxation in the customer identification requirements.

The extension also covers the waiver of the BSP fees related to the grant of license or authority to provide types A and B advanced electronic payments and financial services.

The BSP also extended the deadline for the submission of the 2020 audited financial statements to end-June or 60 calendar days from the original deadline prescribed under existing regulations.

This initiative aligns the BSP’s submission timeline with that of the Securities and Exchange Commission (SEC).

Furthermore, the BSP also waived the prior approval requirement for requests for extension of the deadline to open approved, but not yet opened bank branches or branch-lite-units.

Banks availing of the relief measure need to notify its supervising department of the deferment of the opening of its approved, but not yet opened branches or branchlite-units on or before the end of the year.

The period of deferment of the opening of the bank branch or branch-lite-units must not exceed three years from the date of BSP approval.