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BSP eases rules for financial Institutions

The logo of the Bangko Sentral ng Pilipinas is seen at the Central Bank’s main building in Manila. The BSP said in a statement isued last Monday that monetary authorities approved public sector foreign borrowings to reach $2.84 billion in the January to March period this year.

THE Monetary Board (MB) has approved enhancements to the Bangko Sentral ng Pilipinas (BSP) operational relief measures to better respond to the economic and health crises.

In a statement, the BSP said the MB enhanced the operational relief measures to give BSP-Supervised Financial Institutions (BSFIs) for faster delivery of financial services.

The enhancements to the operational relief measures extended the expiry period for certain measures put in place last year.

These include the 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.

The MB also relaxed the customer identification requirements and waived BSP fees related to the grant of license or authority to provide Types A and B Advanced Electronic Payments and Financial Services. It also extended the submission deadline of the 2020 Audited Financial Statements to June 30, 2021, or 60 calendar days from the original deadline prescribed under existing regulations.

The BSP also waived approval requirement for requests for extension of the deadline to open approved but not yet opened bank branches/BLUs. A bank must notify a 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 years from date of BSP approval.

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