BSP OKs emergency withdrawals

THE Bangko Sentral ng Pilipinas (BSP) has instructed banks in the province of Masbate to allow emergency withdrawals if necessary, following the onslaught of Typhoon Bualoi (Opong).

In a statement on Thursday, the central bank said it has been providing the cash requirements of banks operating in the province through its Legazpi branch.

It added that it has been working with its supervised financial institutions to ensure banking services are accessible in the province.

“These actions support communities hit by Typhoon Opong and keep essential financial transactions flowing during recovery,” the central bank said.

In a separate statement, the central bank said all banks in the province have resumed operations as of Thursday noon, although a few automated teller machines (ATMs) remain offline.

“Based on the report by Masbate Bankers Association (MBA), some ATMs are still offline due to connectivity issues, but over-the-counter withdrawals and other transactions may already be done at all banks in the province,” it said. 

The BSP likewise assured consumers of access to alternative financial channels, such as cash-out services.

“The BSP will continue to monitor banking operations in Masbate as the province recovers from the typhoon, in line with the central bank’s commitment to efficient delivery of financial services,” it said. — Katherine K. Chan