QuestionsQuestions (NPC MEMORANDUM CIRCULAR NO. 2002-003, APRIL 12, 2002)
It amended Sections 1156, 2156, and 3156 of Books I, II, and III of the Manual of Regulations for Banks and Other Financial Intermediaries, respectively—covering “Banking Days and Hours.”
Banks must observe a minimum five-day banking week for the conduct of their business.
The bank concerned selects the banking days during which each banking unit may be opened.
Yes. Subject to compliance with other relevant laws, banks may at their discretion open and transact regular banking business for more than five days a week, including Saturdays and Sundays.
They must comply with the reporting requirement to the appropriate supervising and examining department of the Supervision and Examination Sector (SES) of the BSP, and they must regularly open and transact business on those days.
No. Provided the holiday days fall on the bank’s selected regular banking days, banks may open and transact on official and special holidays without giving notice to the BSP.
Banks must transact business for not less than six (6) hours a day.
Between 8:00 in the morning and 8:00 in the evening.
No. The Circular provides an exception for banks located in the Ninoy Aquino International Airport and the Malabon, Navotas fishports.
It must likewise comply with the minimum six-hour daily requirement for five regular banking days.
Yes. The Circular states that the bank may choose the number of hours within which to transact regular banking business on the days it is open in excess of the five regular banking days.
Banking hours for all days during which the bank is open must be regularly observed and reported to the BSP through the appropriate supervising and examining department of the SES.
All such discretionary openings are “subject to compliance with other relevant laws.”
It takes effect immediately.
It is pursuant to Monetary Board Resolution No. 980 dated August 30, 1995.
The reporting is to the appropriate supervising and examining department of the Supervision and Examination Sector (SES) of the BSP.