The Bangko Sentral ng Pilipinas assured depositors that banks have sufficient cash to service their needs.
In a statement, the central bank said, “The coronavirus outbreak is a public health crisis, not a financial crisis. Depositors are advised to remain calm as the banking system has the ability to service all withdrawals within a reasonable period.”
The BSP said it is coordinating with the Bankers Association of the Philippines, the Chamber of Thrift Banks, and the and the Rural Bankers Association of the Philippines to monitor and supply their members’ cash requirements. As a matter of banking policy, banks keep a certain amount of reserves with the BSP which regulators can tap in times of distress.
Lenders are ordered to remain open during the lockdown, an intensive measure meant to control the flow of people and practice social distancing in Metro Manila.