Bangko Sentral gives banks ‘free hand’ over working hours

The Monetary Board is allowing banks to extend operating hours and services even without securing regulatory approval, Bangko Sentral ng Pilipinas said Tuesday.

Philippine banks are required to operate a minimum of six hours a day, five days a week.

But if banks intend to lengthen the schedule of operations, Bangko Sentral said bank management merely need to send a prior notice to the central bank Supervisory Department under the new rules.

The revised rules also allow banks to render full banking services during the extended period, which include deposits, withdrawals, check processing, bank certification, payment order, check re-order, bills and loan payments.

“The new framework recognizes the evolving needs of financial customers, especially those who require banking services beyond current regular business hours,” Bangko Sentral said.

“This is firmly in line with the BSP’s thrust of empowering financial consumers, which is essential to fostering the stability of the financial system,” it added.

Under the previous rules, banks needed to secure central bank approval before modifying banking hours and providing services during the extended period. – Danessa O. Rivera/VS, GMA News