BAP recommends suspension of banking operations due to bad weather

Alberto Villarosa. PHOTO FROM SECURITYBANK.COM

MANILA, Philippines — The influential Bankers Association of the Philippines has recommended office suspension among banks for the safety of bank personnel and customers amid inclement weather but said it would be ultimately be up to each bank’s decision.

In an interview Tuesday morning, BAP president Alberto Villarosa, who is also president of Security Bank, said the association had recommended in a bulletin that member banks “consider suspending work in NCR (National Capital Region) and affected areas.”

As the central bank halted the central payment and clearing system for today, Tuesday, foreign exchange trading at the Philippine Dealing System and fixed income trading at Philippine Dealing & Exchange Corp. had likewise been suspended.

“At BAP, we realized that we have an obligation to serve the public so we can’t tell everybody unilaterally to shut down but also we are concerned about safety of bank staff and personnel so we leave it to the discretion of member banks,” Villarosa said.

As of 8:30 a.m., Villarosa said the following banks suspended operations: HSBC, Banco de Oro Unibank, Asia United Bank, Security Bank, Philippine Savings Bank, Metropolitan Bank and Trust Co.

The suspension will only be in NCR and flooded areas in Luzon, Villarosa said.

“We’d rather be safe than sorry,” he said.