March 18, 2020 – The Bangko Sentral ng Pilipinas (BSP) is assuring the public that the country’s banks will continue to provide essential services to the public.
BSP said banks have already activated business continuity plans, ensuring activities like taking deposits, withdrawing from ATMS, clearing checks and other related banking activities are continuing despite the implementation of the Enhanced Community Quarantine in Luzon.
BSP has also urged the banks to make sure they have necessary protocols to protect their personnel, especially frontliners, against COVID-19.
Payment settlements continue through PhilPass.
BSP further said it is coordinating with the Bankers Association of the Philippines, Chamber of Thrift Banks, and Rural Bankers Association of the Philippines for the industry’s current cash requirements.
BSP is encouraging the public to use e-banking and digital payment services for all the needed financial transactions instead of going out to personally do so.
The BSP recently released an advisory against bad actors carrying out illegal cyber activities like ransomware and phishing in relation to the COVID-19 outbreak. Some instances relate to unsolicited emails disguised to contain information on how to protect oneself against COVID-19. Once the receiver opens the link, that link may be malicious and will install spyware or ransomware on the person’s computer. BSP requires its Supervised Financial Institutions (BSFIs) to stay vigilant against such threats, reminding them to have already employed multi-layered security defense against such attacks and continuously roll-out security awareness campaigns.
This article is published on BitPinas: BSP Assures Banking Services Will Continue During Quarantine Period