BSP: Currency supply still ok in Zamboanga

MANILA, Philippines - The central bank assured citizens on Friday that the currency supply will remain sufficient in Zamboanga City despite the ongoing crisis between government troops and forces of the Moro National Liberation Front (MNLF).

"”The banks get regular shipment of currencies and the ATMs are regularly replenished. We have been ensuring that banks get regular shipment of currencies. The shipments of currencies were not disrupted,” Bangko Sentral ng Pilipinas (BSP) Deputy Gov. Diwa Guinigundo said.

Guiniguindo said BSP is closely monitoring the developments in Zamboanga City since the central bank has a branch there.

BSP Deputy Gov. Nestor Espenilla, Jr. said the central bank has already given authority to banks to decide on their operations in Zamboanga given the peace situation in the area.

“Since this is an intense peace and order issue in the area it’s best to let the local authority or the banks concerned to make those judgment calls regarding operations. They are in better position to balance their safety concerns and service to customers,” he said.

The Bankers Association of the Philippines (BAP) unit in Zamboanga declared on Sept. 10 a bank holiday after the conflict entered its second day.

"We can assure our customers that we will serve them as soon as the peace and order situation stabilizes,” BAP Secretary and EastWest Banking Corp. President and Chief Executive Officer Antonio Moncupa, Jr. told the Philippine News Agency in a text message.

Financial institutions assured their clients that automated teller machines are available despite the bank holiday.