BSP relaxes rules on banking hours

Posted at 06/03/14 4:16 PM

MANILA, Philippines – Banks in the Philippines can now change or extend their banking hours more easily.

This as the Bangko Sentral ng Pilipinas eased rules on setting or extending banking hours.

Under the new rules, banks seeking to change the schedule of operations will only need to send a prior written notice to the appropriate supervisory department of the BSP and will no longer require BSP approval.

Banks are also allowed to conduct check processing, bank certification, payment order, check reorder, bills and loan payment, and other services during extended business hours without approval from the BSP.

Previously, banks had to get approval from the central bank to change banking hours; to provide services other than the banks’ core functions during extended hours; and to start banking hours before 8 a.m. or extending beyond 8 p.m.

The BSP reminded the banks, however, that the relaxed rules on banking hours require that security measures are in place and the public is informed for any changes in banking schedule.

“The new framework recognizes the evolving needs of financial consumers, especially those who require banking services beyond current regular business hours. This is firmly in line with the BSP’s thrust of empowering financial consumers, which is essential to fostering the stability of the financial system,” the BSP said.

Banks are currently required to open for business for a minimum of six hours a day, from Monday to Friday, except during holidays.