Cash supply ensured during Pope’s visit; banks’ select branches to stay open

INQUIRER FILE PHOTO

MANILA, Philippines – The Philippine banking system is bracing for a surge in cash requirements this long weekend in line with the non-working holidays declared in connection with the Papal visit.

The Bankers Association of the Philippines (BAP) announced that selected branches of various commercial banks in Metro Manila will be open to serve their customers while provincial or branches outside the National Capital Region will observe regular banking hours on Jan. 15 (Thursday), 16 (Friday) and 19 (Monday).

“The BAP invites the banking public to check with their respective banks as to what branches will be open and the financial services that would be available during the holidays,” the association said in a memorandum signed by executive director Cesar Virtusio.

“The public is likewise encouraged to watch out for advisories and other important information from the banks in the newspapers, bank websites, television, radio and other electronic means to be guided accordingly,” the BAP said.

A memorandum order from the Bangko Sentral ng Pilipinas states there will be no foreign exchange and bond trading on Jan. 15, 16 and 19. Regular clearing of checks and settlement is suspended on Jan. 15 and 16 as the Philippine Clearing House Corp. (PCHC) will be closed on these dates.

Regular clearing and settlement of transactions will resume when BSP PhilPass opens on Monday (Jan. 19). Consequently, the Philippine Stock Exchange has announced that there will be no trading only on Thursday and Friday and that trading will resume on Monday.

“As the usual practice during long holidays, the banks have put into place mechanisms to ensure availability of cash in their ATMs (automated teller machines) and to address security concerns,” BAP said.

In the case of Banco de Oro, for instance, the bank has said that select branches in Metro Manila will open over the long weekend. Non-mall branches, which will open, will operate until 3 p.m. while selected mall-based branches will serve the public until 4 pm.

A complete list of BDO branches, which will open over the holidays can be found at its website www.bdo.com.ph. “BDO’s ATM network, meanwhile, is ready to handle transactions of the clients during this period,” BDO said in its advisory.

Metropolitan Bank and Trust Co. said it would operate select NCR branches during the Papal visit. For immediate banking transactions such as bills payment and fund transfers, clients are advised to use e-channels: Metrobankdirect online banking, mobile banking, phone banking, or withdraw at any of the 1,900 ATMs across the country which it committed to be operational 24/7 during the Papal visit.

Bank of the Philippine Islands and Metrobank’s thrift bank arm Philippine Savings Bank said in separate advisories that all branches in the NCR would be closed on Thursday and Friday. Regular banking operations will resume on Monday.

Philippine National Bank said in an advertisement that its branches would be open to serve the public on Jan. 15 (Thursday) and Monday (Jan. 19).

Philippine Bank of Communications has announced its branches in Metro Manila will be closed from Jan. 15 to Jan. 19 except for selected branches which will operate until 2 pm.: Quezon Avenue; Binondo; Makati; Meralco Avenue and Cubao.