Philippine banks not enrolled in the Peso Real-Time Gross Settlement (RTGS) system have been allowed to directly withdraw high-value cash from the Bangko Sentral ng Pilipinas (BSP) during calamities and emergency situations.

“Banks not registered in the Philippine Payment and Settlement System Plus (PhilPaSSplus) and/or the Integrated Currency Management System (ICMS) [may] withdraw currency directly from the BSP during calamity and emergency situations,” the central bank stated in a new rule.

This temporary measure concerning PhilPaSSplus, the country’s primary settlement infrastructure, takes effect immediately until the end of 2027. The window is expected to help ensure stable service levels for smaller or specialized financial institutions when operations are disrupted.

Under the BSP’s Memorandum No. M-2026-015, the relief policy provides guidance for banks that typically rely on other institutions for settlement but may face liquidity pressures due to external shocks.

Banks may access the facility when a “state of calamity is declared covering the city or municipality where the [bank unit] is located” or if a “work suspension is declared… due to calamities, related incidents, or emergency situations that significantly disrupt banking operations in the area.”

For banks in declared calamity zones, withdrawals are permitted during the event and “within five working days after the lifting of the state of calamity.”

To facilitate transactions, the BSP’s regional operations branches (ROBs) have designated service windows. The BSP Greater Manila Regional Office will process withdrawals from 9 a.m. to 4 p.m., while provincial BSP ROBs will operate from 9 a.m. to 3 p.m.

Before making an initial withdrawal, banks must submit authorization documents, including a secretary’s certificate specifying withdrawal limits and authorized signatories.

In urgent cases, the BSP allows “expedited requests,” which are processed within the same day if documents are received on or before 12 noon.

Transactions remain “subject to service fees” under the Manual of Regulations for Banks (MORB). A bundle of new ₱1,000 notes carries a ₱200 fee, while fit ₱1,000 notes are charged ₱140.

To ensure accuracy during high-stress periods, the BSP requires that “discrepancies must be reported within three working days from the date of withdrawal.” After this period, the BSP deems the transaction final and will no longer accept any claims regarding discrepancies.

Through the memo, the BSP aims to safeguard banks’ currency servicing units, which are critical in supporting local economies during times of crisis.