BSP grants regulatory relief to Zambo City banks
MANILA, Philippines - Banks and their customers in strife-torn Zamboanga City banks will be given temporary regulatory relief, the Bangko Sentral said.
The BSP said it recognized the security risks brought about by fighting between Muslim insurgents and government military forces.
Under BSP Memorandum 2013-042, loans due between September 9 and November 8 this year, will be exempt from their credit obligations.
Banks with branches within the city will also be exempt from penalties, for delayed submission of reports that fall due within the said period.
Business in Zamboanga has been badly affected by the standoff, as parts of the city remain closed off due to the fighting.