Pimentel lauds BSP move to keep check clearing system open during Asean Summit | Inquirer Business

Pimentel lauds BSP move to keep check clearing system open during Asean Summit

By: - Reporter / @mj_uyINQ
/ 07:15 PM October 28, 2017
bsp

(File photo from Philippine Daily Inquirer)

Senate President Aquilino Pimentel III on Saturday welcomed the decision of the Bangko Sentral ng Pilipinas (BSP) to keep its check clearing system and cash servicing units open during the three non-working days for the 31st Association of Southeast Asian Nations (Asean) Summit.

In a statement, Pimentel said the BSP was doing the banking and business sectors a great service by keeping the Philippine Payments and Settlements System (Philpass) operating during the Asean Summit.

ADVERTISEMENT

“This is a positive development because it does not make sense for banking and business operations nationwide to be essentially paralyzed just because there is a three-day holiday in the nation’s capital. The Philippines, after all, is not just Metro Manila,” he added.

Earlier, Pimentel had urged Malacañang to make sure that a critical agency like the BSP, particularly its check clearing units, would remain when it suspends work in government offices in instances that would not include regular holidays or inclement weather, saying work stoppages would be “bad for business.”

FEATURED STORIES

He also explained that suspension of check clearing operations would disrupt many business activities, including the operations of banks and the Philippine Stock Exchange (PSE).

Pimentel made the call following the two-day suspension of work last week due to the nationwide transport strike and the upcoming three special nonworking days from Nov. 13 to 15 to give way to the country’s hosting of the 31st Asean Summit.

BSP Gov. Nestor Espenilla Jr. on Friday said BSP’s Philpass and cash servicing units would remain open during the Asean holidays.

Pimentel said Espenilla’s directive, as well as the decision of banks and the PSE to remain open during the Asean holidays, would ensure that the country would be “open for business, not just open for Asean.” /atm

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: 31st ASEAN Summit, Aquilino Pimentel III, cash servicing units, check clearing system, philpass
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.