BSP orders banks to prepare response plans as virus spreads

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has ordered banks to adopt appropriate response plans in view of the rising number of confirmed coronavirus disease 2019 or COVID-19 cases in the country.

 BSP Deputy Governor Chuchi Fonacier said all BSP-supervised financial institutions and operators of payment systems are expected to adopt and implement appropriate response plans and mechanisms to primarily ensure the health and safety of their employees and customers, while delivering continued financial services to the general public.

“Following the response plans, trigger events such as the COVID-19 epidemic should allow for alternate work arrangements or remote access capabilities as may be deemed practicable and necessary,” Fonacier said.

Fonacier said clear communication protocols covering all relevant internal and external stakeholders should also be implemented. 

“More importantly, BSP-supervised financial institutions and operators of payment systems should ensure that their employees are properly guided on limiting or reducing the risk of being affected by the COVID-19 epidemic through timely and continuous cascades of relevant information,” she said.

The current situation, Fonacier explained, warrants banks and other financial institutions to remain vigilant by constantly monitoring and gathering relevant information about COVID-19 both locally and globally. 

Likewise, the BSP official said banks should continuously assess the impact of the virus outbreak on their response strategies.

According to the regulator, banks and financial institutions should consider and strictly follow advisories and guidelines issued by local health authorities, particularly the Department of Health (DOH). 

There are about 49 confirmed COVID-19 cases in the Philippines as of March 12.

The World Health Organization (WHO) has declared COVID-19 outbreak a pandemic as it has spread to at least 114 countries infecting more than 125,000 individuals and claiming the lives of 4,500.