The Bangko Sentral ng Pilipinas (BSP) is closely working with banks that were affected by Typhoon Odette and assisting them to restore full operations as soon as possible.
In a statement on Wednesday, Jan. 19, the BSP said it is coordinating with banks in the Visayas region on the resumption of their full operations.
“In the interim, affected banks have reported to the BSP that they have adopted shortened banking hours following power, telecommunication, and internet disruptions caused by the typhoon,” according to the BSP.
The central bank also released an advisory to areas affected by the recent typhoon to adopt e-banking and digital payment services when possible and to “transact in banks and branch-lite units located in nearby areas where services are fully operational.”
“To fast-track their return to full operations, affected banks are working with utility companies and other web service providers,” said the BSP.
It added that the banking community in affected areas “looks forward to the immediate full restoration of utility and internet services that will enable the resumption of banking operations.”
Typhooh Odette is the 15th storm to enter the Philippines in 2021. The death toll has reached over 400, affected more than 1.14 million families and the damage to both agriculture and infrastructure has topped P23 billion, according to the government.
The BSP has issued previous public assurances, particularly to regions devastated by Typhoon Odette, of adequate and uninterrupted supply of banknotes as government, the private sector and international groups pour cash assistance in these regions. The government has placed six regions under a State of Calamity after Typhoon Odette wreaked havoc last Dec. 16. These areas are Regions 4-B, 6, 7, 8, 10 and 13.
BSP offices and branches also continue to fully service the currency requirements of banks in the Visayas and Mindanao.
The BSP also assured the public that it is continuing to provide full tellering services and “stands ready to assist banks in their currency needs” to meet the currency demands in typhoon-struck provinces to support the immediate recovery of affected areas.
The BSP’s Monetary Board normally approves a package of temporary reprieve measures to calamity-affected areas to enable banks to provide debt relief to their borrowers such as the exclusion of affected banks’ past due ratio computation.
The central bank from time to time will approve relief measures to banks in areas affected by typhoons and weather disruptions such as El Nino/Nina, usually for rediscounting banks.