The Bangko Sentral ng Pilipinas (the BSP or the Philippines' central bank and monetary authority) has approved the granting of temporary regulatory and rediscounting relief measures to address the impact of the COVID-19 outbreak on the operations of BSP-supervised financial institutions (BSFIs).
Under BSP Memorandum No. M-2020-008 (Memorandum), all BSFIs are eligible to avail of the regulatory relief package within one year from 8 March 2020. Such period may be extended depending on the developments of the COVID-19 situation.
Under the Memorandum, BSFIs may apply for the availment of regulatory relief package by submitting the following requirements to the BSP:
- letter to the BSP stating the BSFI's intention to avail of the regulatory relief package specifying, at the minimum, the specific relief measures to be availed and the affected offices of the BSFI
- resolution of the board of directors authorizing the BSFI to avail of the regulatory relief package
The BSP will evaluated applications on a case-by-case basis.
Further, to enable consumers to facilitate banking transactions during the COVID-19 situation, the BSP encourages BSFIs to temporarily suspend all fees and charges imposed on the use of online banking platforms or electronic money (including those imposed on the use of Instapay or PesoNet electronic fund transfer) during the period of availment of regulatory relief.
Actions to Consider
BSFIs affected by the COVID-19 outbreak may consider availing of the regulatory relief package under BSP Memorandum No. M-2020-008.