MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has extended regulatory relief to banks and financial institutions amid the coronavirus disease 2019 or COVID-19 pandemic.
The BSP is urging banks to suspend all fees and charges imposed on the use of online banking platforms or electronic money to facilitate banking transactions during the COVID-19 situation.BSP Deputy Governor Chuchi Fonacier said the BSP’s Monetary Board approved the grant of temporary regulatory and rediscounting relief measures for financial institutions supervised by the central bank.
“The BSP recognizes that the outbreak of COVID-19 has potential significant impact on the operations of BSP supervised financial institutions in terms of risks related to exposures to borrowers and/or industries, or businesses severely disrupted or affected by the COVID-19 as well as disruption in operations due to measures implemented to control the spread of the virus such as a lockdown situation, localized work suspension, heightened health and safety risks faced by employees and customers,” Fonacier said.
Fonacier issued Memorandum 2020 – 008 stating banks and financial institutions are eligible to avail of the regulatory relief package until March 8, 2021.
