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BSP instructs lenders to prepare contingencies as virus spreads
The Bangko Sentral ng Pilipinas (BSP) is urging banks and financial institutions to prepare contingency plans against COVID-19, including work-from-home options, to safeguard employees and ensure continued public access to financial services.
A memorandum issued on March 11 directs BSP-supervised financial institutions (BSFIs) and operators of payment systems (OPS) to implement their response plans.
These plans should include alternate work arrangements or remote access capabilities when necessary.
Clear communication protocols for internal and external stakeholders are also advised.
The BSP itself closed its main office and Security Plant Complex for disinfection on March 12-13 as a precautionary measure.
Despite the closure, the BSP will continue normal open market and PhilPass settlement operations and servicing of cash withdrawals by banks.
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The Department of Finance (DOF) and the Bangko Sentral ng Pilipinas (BSP) suspended work to disinfect their premises due to potential COVID-19 exposure.
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