The Bangko Sentral ng Pilipinas (BSP) has issued updated procedures for banks that should ensure uninterrupted financial transactions during holidays and general work suspensions.
Under Memorandum M-2025-028 issued by BSP Governor Eli Remolona Jr. on August 12, the central bank said key functions such as monetary operations, foreign exchange trading and payments will remain operational even on nationwide non-working days declared by Malacañang, or during emergency work stoppages ordered by the BSP.
“The revised guidelines are meant to simplify procedures and improve the BSP’s ability to sustain essential operations under different scenarios,” Remolona said in the memo, which was released to the media on Sunday, August 17.
The memo took effect immediately.
It specified the services that should continue during the holidays as stated in the memo:
• Market operations — trading and settlement of BSP transactions, release of daily reference exchange rates;
• Payments and clearing — real-time settlements via PhilPaSSplus, PESONet, InstaPay, check clearing, and dollar transfers;
• Cash services — currency deposits, withdrawals and check clearing at BSP regional offices.
The BSP also said coordination with financial market infrastructure will ensure continuity in government securities settlement with the Bureau of the Treasury, fixed income and derivatives trades with private associations, and equity depository operations with the Philippine Depository & Trust Corp.
The new memorandum supersedes guidelines issued in December 2023, it said.
