Normal working day for BSP, banks on September 21

MANILA, Philippines – It will be a normal working day for the Bangko Sentral ng Pilipinas (BSP) and banks on Thursday, September 21, even after Malacañang suspended government work and classes in public schools nationwide.

In Memorandum No. M-2017-09, BSP Governor Nestor Espenilla Jr said the central bank’s clearing and settlement, cash servicing, as well as treasury operations would go on normally on Thursday.

These include trading and settlement in the overnight deposit facility, overnight lending facility, overnight reverse repurchase facility, and the Philippine Dealing System (PDS). (READ: BSP seen to hike interest rates until 2018 – BMI Research)

“We’re working on business as usual, at least to the extent necessary to support market and bank operations,” Espenilla said.

He added that the rate-setting meeting of the BSP’s Monetary Board, its 6th for the year, will also push through on Thursday. The meeting is held every 6 weeks.

The Monetary Board is expected to keep interest rates steady. Its policy stance has stayed unchanged since September 2014, owing to sustained economic growth and the benign inflation environment.

Meanwhile, the Bankers Association of the Philippines (BAP) said member-banks will be fully operational on Thursday as well.

“Normal check clearing operations, trading, and other financial transactions will be observed to fully serve the banking public,” the BAP said in a statement.

Thursday marks the 45th anniversary of the declaration of martial law under the regime of the late dictator Ferdinand Marcos. Various groups plan to hold rallies nationwide to condemn extrajudicial killings linked to the Duterte administration’s drug war, and to denounce threats to democracy. – Rappler.com