The group of bankers promises a continuous functioning of the financial market of PHL
The Bankers Association of the Philippines (BAP) said it is maintaining the daily schedule of interbank spot and USD/PHP swap trading hours despite some banks’ decision to shorten their opening hours due to the upsurge. cases of Covid-19 in the country.
The daily schedule for USD/PHP interbank spot trades and swap trades will remain open from 9:00 a.m. to 4:00 p.m. daily, according to the BAP.
“This step will ensure the continued functioning of financial markets, thereby allowing market participants to continue to meet their liquidity needs as well as make appropriate hedging in their portfolios and balance sheets for risk management purposes,” says the press release from the BAP.
The group is also seeking to assure “the public that its member banks will continue to provide financial services to their customers amid the current rise in Covid-19 cases in the country,” he added.
For retail services such as currency exchange, the BAP urged the public to check their respective banks’ websites and social media pages to keep up to date with changes in the availability of these services.
“Operational adjustments by our member banks are being implemented to ensure your banking needs are met throughout this pandemic. We will continue to provide financial services updates to the public. In the meantime, we encourage everyone to continue practicing health protocols for their safety and protection,” the BAP said.
Over the weekend, BAP and the Chamber of Savings Banks (CTB) issued statements, assuring their customers of continuity of services despite the wave of cases.
Several banks have already announced shorter opening hours amid the Covid-19 surge, particularly for their branches in the National Capital Region (NCR). Some of these banks include BDO Unibank Inc., Bank of the Philippine Islands (BPI), Metrobank, Landbank of the Philippines, Philippine National Bank, Security Bank, and PSBank.
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