QuestionsQuestions (BSP CIRCULAR NO. 500, S. 2005)
The regular banking week consists of five (5) days, Monday to Friday, excluding holidays.
Banks must transact business for at least six (6) hours each regular banking day.
Yes, banks can observe a banking week in excess of five days provided they report the additional banking days to the BSP and transact business for at least three (3) hours on these days.
Yes, banks may close on certain days to celebrate important historical and/or religious local events if the closure is approved by the local bankers association and by the head office for branches, and if the closure is limited to the municipality or city where the event is centered.
Banks must submit a prior notice of intended closure together with a copy of the local bankers association's resolution approving the closure, at least two (2) days after the resolution date.
The closure notice must be certified that (a) a skeletal force will be maintained to handle out-of-town clearing items, (b) a notice explaining the closure will be posted in the bank's premises, and (c) for branches, the closure is approved by the respective head office.
No, prior BSP approval is not required if the closure complies with the stated conditions and has the necessary approvals from the local bankers association and head office if applicable.
At least three (3) hours per day on additional banking days.
The Circular took effect fifteen (15) days after its publication in the Official Gazette or a newspaper of general circulation.
All banks, including their branches and offices, doing business in the Philippines.