FX trading continues amid COVID woes – BAP

Published January 12, 2022, 2:24 PM

by Lee C. Chipongian

The Bankers Association of the Philippines (BAP) said the spot market will continue trading and other transactions amid rising COVID-19 cases, and that it will maintain the interbank US dollar-peso spot and swap hours.


Bankers Association of the Philippines

In a statement, the BAP said it “assures 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.”

The BAP is advising the markets that interbank US dollar-peso spot trading and swap trading hours will remain from 9AM to 4PM.

“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,” said the BAP.

In the same statement, the BAP is encouraging retail services such as foreign exchange 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,” BAP assured.

“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,” it added.

The peso vis-à-vis the US dollar has kept a relatively stable level despite emerging pandemic concerns. The peso is ranging at the P51 level for the past weeks.