Revised Standard Operating Procedures for Philippine Holidays and Work Suspensions

BANGKO SENTRAL NG PILIPINAS
OFFICE OF THE GOVERNOR
M EMORAN DU M NO. M-2O25-O28
All BSP-supervised Financial Institutions (BSFls) Revised Standard Operating Procedures for Philippine Holidays and Work Suspensions In line with its continuing commitment to uphold the efficient functioning of the country's large-value payment system, to ensure the reliability of currency operations, and to promote the stability of the Philippine financial markets, the Bangko Sentral ng Pilipinas (BSP) hereby issues further amendments to the Standard Operating Procedures (SOP) for Philippine Holidays and Work Suspensions (Revised August 2025, Annex A), as prescribed under Appendix 88 of the Manual of Regulations for Banks (MORB) and Appendix Q-5'l of the Manual of Flegulations for Non-Bank Financial Institutions (MORNBFI). The SOP has been revised and simplified to reflect the BSP'S enhanced capability to perform essential central bank operations under different scenarios where several work arrangements can be applied. Accordingly, such operations shall continue to be undertaken except during nationwide regular and special non￾working holidays for both the public and private sectors as declared by Malacafiang, orwhen the BSP Governor/Officer-in-Charge suspends operations due to safety concerns, or non-availability of critical utilities, services, and infrastructure, among other reasons. This Memorandum supersedes Memorandum No. M'2O23-O4O dated 22 December2o23. For guidance and immediate compliance. To Subject llL augustzozs / z.-c--- ELI M. REMOLONA,JR. Governor

Standard Operating Procedures for Philippine Holidays and Work Suspensions (Revised August 2cl5) (Appendix ea/Q-sl ) The following arrangements shall be observed on Philippine holidays and work suspensions:
l. The Bangko Sentral ng Pilipinas (BSP) shall conduct essential central bank
operations on Philippine holidays, including local holidayst and during government work suspensions, except:
a. On nationwide regular and special non-working holidays for both public and private sectors as declared by Malacafrang2 or b. When the Governor/Officer-in-Charge (OlC)3 declares otherwise due to safety risks of BSP personnel, non-availability of critical utilities and services, infrastructure breakdown. or similar circumstances. In such cases, the BSP's Communication Office shall issue the corresponding advisory meant for the general publica while concerned departments/offices shall issue the corresponding advisories meant for supervised institutions and other stakeholders, as much as possible on the day before but no later than 8:OO A.M. of the same day. For suspensions taking effect after 8:OO A.M., announcement shall be made at least one (l ) hour prior to effectivity.
2. The essential central bank operations are as follows:
Operations Responsi ble BSP DepartmentflJnit Monetary and FX (USD/pt{P} Operations Trading and Settlement of BSP transactions such as. but not limited to:
. Monetary operations o USD/PHP Trading
Financial Markets (FM)
Preparation of daily Reference Exchange
Rate Bulletin (RERB)
Peso Real-Time Gross Settlement through
PhilPaS9t""
Payments and Settlements
Department (PSD)
Cash Services
[i.e., Currency Deposits and Withdrawals, Cash Service Alliance (CSA), First-level System Administrations, and Check-Clearino Tellerino Transactions6 I BSP Regional Offices and Branches, including the Greater Manila Regional Office (cMRO) ' Flefer to holidays observed only in specific areas, e.9., provinces, cities, or municipalities. 2 As announced in the relevant Proclamation by the Office of the President, published through the Official Gazette or through the Presidential Communications Office or equivalent agency/office through online platforms, traditional media, and other modes/channels of public information dissemination. 3 The Deputy CovernorAector-in-Charge, Regional Operations and Advocacy Sector, shall approve suspension of cash services applicable to specific BSP regional offices or branches. a To be released through the BSP website, official BSP social media accounts, or other similar means or platform. s First-Level System Administration refers to Currency Management System support services 6 Check-Clearing Tellering is offered by GMRO only and this has dependency on the operations of the Philippine Clearing House Corporation (PCHC ).

3. A holiday shall be considered a "Reserve Day" when all essential central bank
   operations are conducted for the entire business day.
4. The operations shown below shall be conducted by the relevant financial
   market infrastructures and industry associations when the BSP performs all essential central bank operations:
   7 The Stakeholder shall be the relevant Administrator, Self-Regulatory Organization or Successor-in-lnterest, as may be applicable Operations Stakeholderz NRoSS Settlement lGovernment SecuriW (GS) Transactlonsl Bureau of the Treasury (BTr) FX, Interest Flate Swaps and other Derivatives Tradinq Bankers Association of the Philippines (BAP) Fixed Income Trading Philippine Dealing & Exchange Corp. (PDEx). Interbank and Interprofessional GS Repo Tradinq Money Market Association of the Philippines (MART) Equities Depository and Fixed Income Depository Delivery versus Payment (DvP) Philippine Depository & Trust Corp. (PDrC) Check lmage Clearing System (CICS), PESONet Clearing, USD/PHP Payment versus Payment (PvP), and Philippine Domestic Dollar Transfer Service (PDDTS) Philippine Clearing House Corporation (PCHC) ATM and InstaPay Clearing BancNet