BSP enhances operational relief measures for BSFIs

The Monetary Board approved enhancements to the Bangko Sentral ng Pilipinas’s (BSP) operational relief measures to give BSP-Supervised Financial Institutions (BSFIs) relevant flexibility in managing their operations and ensuring continuous delivery of financial services amid the pandemic.

BSP Governor Benjamin E. Diokno said that “The package of relief measures was adopted in recognition of the evolving nature of the COVID-19 situation and the need to support BSFI operations to ensure uninterrupted access of clients, especially retail customers, to financial products and services.”  Governor Diokno added that “The BSP’s measures will complement National Government efforts to distribute financial aid and social amelioration funds to intended beneficiaries.”

The enhancements to the operational relief measures extend the expiry period for certain operational relief measures that were put in place in 2020 until end-December 2021.  These include the: (i) relaxation in the notification requirements for changes in banking days and hours, as well as temporary closure of BSFI head office, branches, branch-lite-units (BLUs), offices and service units, (ii) relaxation in the customer identification requirements, and (iii) waiver of the BSP fees related to the grant of license or authority to provide Types A and B Advanced Electronic Payments and Financial Services.

It also extends the submission deadline of the 2020 Audited Financial Statements to 30 June 2021, or 60 calendar days from the original deadline prescribed under existing regulations.  This initiative aligns the BSP’s submission timeline with that of the Securities and Exchange Commission.

Lastly, the BSP waived the prior BSP approval requirement for requests for extension of the deadline to open approved but not yet opened bank branches/BLUs.  A bank which opts to avail of this relief must notify its supervising department of the deferment of the opening of its approved but not yet opened branches/BLUs on or before end-December 2021. The period of deferment of the opening of the bank branch/BLU should not exceed three (3) years from the date of BSP approval of the establishment of the same.

The enhancements to the operational relief measures are in line with the BSP’s commitment to provide an enabling regulatory framework that will assist BSFIs weather the health crisis and ensure access of households and business enterprises to formal financing channels.