Banking Services Continue Amid Lockdown

San Miguel Corporation has now doubled production of nutritious bread at its Pasig and Sta. Rosa Laguna manufacturing facilities for distribution to vulnerable communities. With daily production of 24,000 breads, the initiative helps fulfill the nutritional needs of many during the Covid-19 outbreak.

- Lee C. Chipongian

COVID-19 and the subsequent lockdown brought too many uncertainties to the banking public who mostly rely on check and cash transactions, or are just getting used to e-payments and digital banking but still require brick and mortar branches to access financial services.

The government’s two-month containment and lockdown measures affected banks – and the economy – like a natural disaster, according to the Bangko Sentral ng Pilipinas (BSP). The BSP said banks however are in a good position to manage potential risks since it has capital buffers and risk control tools.

On Tuesday, commenting after President Duterte announced the extension of the enhanced community quarantine (ECQ) up to May 15, the Bankers Association of the Philippines (BAP) said banks are adapting to this new normal.

The BAP renewed its commitment to give Filipinos “unhampered banking services” during the extended ECQ. But, they also appealed to the public to do its part in protecting their information against cybercrime with the increased digital or online banking customers.

“The BAP is now working closely and collaborating with the regulators and legislators to ensure liquidity and rehabilitation of industries severely affected by the COVID19 health crisis,” the group said.