The Bangko Sentral ng Pilipinas (BSP) has approved a temporary measure that will allow banks not yet registered with payment and currency systems to directly withdraw cash during calamities or emergencies. This aims to ensure that banks have sufficient funds when normal operations are disrupted.
Policy Details
The policy is effective until December 31, 2027. Under this policy, banks may withdraw cash from BSP regional or branch offices when a state of calamity is declared or work is suspended due to a disaster. A specified grace period is also provided for withdrawals after operations resume.
Requirements and Fees
Banks must first submit authorization documents before the initial withdrawal, which must be approved by the BSP regional operations unit. Early submission is encouraged. Service fees still apply to transactions, while penalties for canceled withdrawals will not be charged.
