BSP eases rules on bank operating hours

The Bangko Sentral ng Pilipinas INQUIRER.net file photo

MANILA, Philippines–Local banks may soon stay open longer than before to deal with their clients following new regulations that liberalized operating hours for lenders.

In a statement issued on Tuesday, the Bangko Sentral ng Pilipinas (BSP) said it had approved a new framework that makes it easier for banks to set and extend their banking hours.

“This will effectively allow for enhanced operational flexibility and increased productivity as well as extend bank services to their customers,” the regulator said in a statement.

Under previous rules, banks were required to stay open for at least six hours. Local banks are usually open from 9 a.m. to 3 p.m. on weekdays.

Banks that want to extend their operating hours need only to send prior written notice to the BSP, the new rules released this week said.