August 31, 2025 | 12:00am
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has revised its customary working procedures (SOP) to make sure that important central financial institution features proceed with out disruption throughout Philippine holidays and government-declared work suspensions.
In a memorandum, BSP Governor Eli Remolona Jr. mentioned the up to date guidelines goal to uphold the environment friendly functioning of the nation’s large-value cost system, guarantee reliability of foreign money transactions and promote stability in monetary markets.
“The SOP has been revised and simplified to mirror the BSP’s enhanced functionality to carry out important central financial institution operations underneath totally different eventualities the place a number of work preparations could be utilized,” he mentioned.
The brand new SOP covers central financial institution operations on nationwide common and particular non-working holidays in addition to suspensions declared by Malacañang or the BSP officer-in-charge in circumstances of security dangers, crucial infrastructure outages or emergencies.
Underneath the revised framework, important BSP operations will proceed regardless of holidays and suspensions. These embrace financial operations, international alternate buying and selling, every day reference alternate charge publication and peso real-time gross settlement by means of PhilPaSSplus.
Money providers equivalent to foreign money deposits, withdrawals and examine clearing will likewise stay obtainable by means of BSP’s regional workplaces and branches.
The memorandum additionally enumerated crucial monetary market transactions that should proceed throughout such days in coordination with stakeholders. These embrace authorities securities settlement with the Bureau of the Treasury, international alternate and derivatives buying and selling with the Bankers Affiliation of the Philippines, mounted revenue buying and selling with the Philippine Dealing & Trade Corp. and equities depository operations with the Philippine Depository and Belief Corp.
Clearing operations masking checks, PESONet, InstaPay and home greenback transfers will proceed underneath the supervision of the Philippine Clearing Home Corp. and BancNet.
The up to date guidelines take impact instantly and supersede a December 2023 memorandum on vacation and suspension procedures.