THE Bankers Association of the Philippines (BAP) said they are maintaining the daily schedule of the interbank USD/PHP spot trading and swap trading hours despite some banks’ decision to shorten their operating hours due to the surging Covid-19 cases in the country.
The daily schedule of the interbank USD/PHP spot trading and swap trading will remain open from 9:00 a.m. to 4:00 p.m. daily, according to the BAP.
“This step shall guarantee the continued operation of financial markets, therefore enabling market participants to continue meeting their liquidity needs as well as making appropriate hedges in their portfolios and balance sheets for risk management purposes,” the BAP’s statement read.
The group also seeks to assure “the public that its member-banks shall continue to provide financial services to their clients amid the current rise of Covid-19 cases in the country,” it added.
For retail services such as foreign exchange, the BAP urged the public to check with their respective banks’ websites and social media pages to stay updated regarding changes in the availability of these services.
“Our member-banks’ operational adjustments are implemented to ensure that your banking requirements are met throughout this pandemic. We will continue to provide updates on financial services to the public. In the meantime, we encourage everyone to continue practicing health protocols for their safety and protection,” the BAP said.
Over the weekend, both the BAP and the Chamber of Thrift Banks (CTB) issued statements, ensuring their clients of continued services amid the surge of cases.
Several banks have already announced shorter operating hours amid the Covid-19 surge, especially for their branches in the National Capital Region (NCR). Some of these banks include BDO Unibank Inc., Bank of the Philippine Islands (BPI), Metrobank, Landbank of the Philippines, Philippine National Bank, Security Bank and PSBank.
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