ATMs have enough cash for the long holiday period - BSP

MANILA, Philippines - The Bangko Sentral ng Pilipinas said banks have given assurances that they would have enough cash in their automated teller machines (ATMs) to service consumer requirements during the long Lenten break.

BSP Deputy Governor Nestor Espenilla said yesterday that the BSP had appealed to banks to anticipate the surge in cash requirements during the long weekend when banks would be closed as the nation observes the Holy Week.

“We have reminded our banks to ensure continuity of ATM service during the Holy Week,” Espenilla said. “The banks have assured us they are well-prepared to handle expected demand as well as contingencies.”

According to Espenilla, the BSP normally sends out reminders to banks ahead of long holiday breaks to ensure that they are fully prepared for the usual increase in spending and cash use during long holiday breaks.

The Holy Week is a major holiday season in the country when consumers normally go out on long family vacations where the vast network of ATMs would be even more critical in servicing the seasonal surge in utilization.

Responding to the BSP call, at least one bank publicly announced in a statement that it has made sure all its 209 ATMs nationwide would be operational over the Holy Week break.

PSBank said it had a dedicated team that would ensure all its branch and offsite ATMs are ready to serve clients.

PSBank said it had just recently opened 11 more offsite ATMs in malls such as Robinson’s Mall Novaliches, Metro East, Otis and Galleria; S&R Membership at The Fort and Baclaran; Ever Gotesco Ortigas; Isetann Recto; SM City Dasmarinas; and Starmall Las Pinas and Edsa.

According to Espenilla, the BSP would continue to monitor the situation throughout the break and alert banks on consumer complaints if any should arise.

The country has a total network of over 7,175 ATM units nationwide, one of the lowest penetration in the region and the world.

A study earlier commissioned by Megalink, one of the three ATM network operators in the country, showed that the Philippines had a very low ATM concentration along with countries like China, India, Indonesia, Malaysia and Thailand.

Aside from the low ATM unit count, the study also revealed that the Philippines also had just 21 million ATM cards issued. Six commercial banks alone accounted for 75 percent of the total cards deployed.

However, the study revealed that thrift and rural banks have begun deploying ATMs.

Aside from Megalink, there are two other ATM network operators in the country — Bancnet and ExpressNet. A fourth network, Nationlink, also became operational two years ago, linking thrift and rural banks.

But the study showed that eighty percent of the ATMs deployed in the country are located in the branches of the top 10 banks. In terms of regional deployment regardless of institution, the National Capital Region accounted for 48 percent of ATMs deployed; Luzon, 28 percent, Visayas, 13 percent and Mindanao, 11 percent.