The Philippine peso-US dollar spot trading and the operations of banks in the areas heavily affected by Taal Volcano activity were suspended on Monday.

In a statement, the Bankers Association of the Philippines (BAP) explained that the closure of the spot trading was pursuant to Bangko Sentral ng Pilipinas Circular 1043 Section 3(b) of Annex A and Malacañang’s announcement of no work of government offices following the volcanic activity.

“Banks located in heavily affected areas of the Taal Volcanic eruption are closed or with limited operations to ensure the safety of its employees, whereas banks in other areas remain open for banking operations,” it also announced.

Nevertheless, the BAP reminded the public that online banking functions remain operational for consumer use.

“Banks are nevertheless prepared for emergency situations, and have measures in place to ensure continued operations in these times. The banking public can be assured that nearby ATMs (automated teller machines) are adequately stocked and digital services are operational,” it added.

The banking group also assured that banks remain in close coordination with the Bangko Sentral ng Pilipinas to ensure that the needs of the banking public are met.

“Banks are also encouraged to exercise management discretion to ensure the safety and welfare of their people during this emergency situation brought about by Taal volcanic eruption,” BAP Managing Director Benjamin Castillo, for his part, said.

In a related development, Security Bank Corp. advised its customers that all its branches in Metro Manila and Region 4A (Calabarzon) were closed on Monday in view of the volcanic activity in Taal.

Areas in Metro Manila included in the suspension of its banking operations were the cities of Manila, Quezon City, Caloocan, Las Piñas, Makati, Malabon, Mandaluyong, Marikina, Muntinlupa, Navotas, Parañaque, Pasay, Pasig, San Juan, Taguig, Valenzuela, and The Municipality of Pateros.

In Region 4A, banking operations were also suspended in the provinces of Cavite, Laguna, Batangas, Rizal and Quezon, and the city of Lucena.

Meanwhile, the bank said select branches in Region 3 (Central Luzon) were also closed, which included the Cabanatuan, Cabanatuan-Maharlika, San Jose-Nueva Ecija, San Fernando, Angeles and Balanga branches.

All other branches in Region 3 also observed shortened banking operations until 3 p.m.
“All other branches not affected will remain open. For assistance, you may call our 24-hour Customer Service hotline at (02) 8887-9188. We will continue to monitor the situation to ensure the safety and protection of our employees,” the bank said.

Source: https://www.manilatimes.net/2020/01/14/business/business-top/peso-dollar-spot-trading-closed/674105/