MANILA – The Bangko Sentral ng Pilipinas (BSP) will issue regulatory relief measures for banks affected by super typhoon “Yolanda.”
BSP deputy governor Nestor Espenilla Jr. said the central bank is preparing the set of relief measures, but will have to wait for official data from government.
"For sure, we will come up with a standard package that we normally give but we are also studying what additional measures we can extend," he said.
Espenilla said the standard package that will be extended to the affected banks will include the exclusion of existing loans from the computation of past due ratios, provided that these are restructured, and the non-imposition of penalties on legal reserves deficiencies.
The BSP will also waive penalties for delays in the submission of supervisory reports, and banks will be allowed to give affected officers and employees financial assistance.
Espenilla noted that power outages and communication problems will have to be addressed in the affected region.
"The key challenge is the restoration of power and communications because the usual problem is how people can access their money through ATMs," he said.
The BSP provides banks affected by natural calamities with relief measures help ease their financial burden and to extend assistance to their clients.
Earlier this year, the central bank granted relief measures to banks affected by typhoons, floods caused by “habagat,” and the recent earthquake in Central Visayas.
source: www.abs-cbnnews.com
