Cash adequate in banks, ATMs during lockdown

MANILA, Philippines— Hours before Metro Manila implements a month-long lockdown, the Bangko Sentral ng Pilipinas (BSP) has assured depositors that banks have sufficient cash to service their needs.

"The coronavirus outbreak is a public health crisis, not a financial crisis. Depositors are advised to remain calm as the banking system has the ability to service all withdrawals within a reasonable period," the central bank said in a statement.

The Chamber of Thrift Banks, an industry group, also said their members have enough liqudity to keep automated teller machines running during the community quarantine until April 14. "We will establish communication program to handle customers' concerns and queries," CTB executive director Suzanne Felix told Philstar.com in a text message.

BSP said it is coordinating with CTB, as well as the Bankers Association of the Philippines and the Rural Bankers Association of the Philippines to monitor and supply their members' cash requirements. As a matter of banking policy, banks keep a certain amount of reserves with BSP which regulators can tap in times of distress. 

Lenders are ordered to remain open during the lockdown, an intensive measure meant to control the flow of people and practice social distancing in Metro Manila, where the bulk of coronavirus disease-2019 (COVID-19) cases have been reported.

Hence, instead of personally transacting in bank branches, the central bank also encouraged depositors to use e-banking facilities to conduct their business such as bills payment and money transfers.

"Banks have in place and activated business continuity plans that aim to ensure deposit-taking, ATM withdrawals, check clearing and other banking activities," regulators said.

As of September 2019, BSP data showed there were 8,176 ATMs located in Metro Manila, around 56.6% or 4,624 of which are located in bank branches while the rest are spread out in other locations.

Malls to open on Sunday

Meanwhile, after much confusion whether a curfew on Metro Manila will be implemented with the lockdown, shopping malls have decided to remain open on Sunday, albeit operating on limited hours.

Tin Enriquez, consumer engagement manager of Ayala Malls, said in a text message the company's 17 malls in the National Capital Region "will be open from 11 a.m. to 7 p.m. tomorrow." Megaworld's 14 Lifestyle Malls in NCR will also follow the same schedule.

SM Supermalls did not respond to our request for comment. The mall chain, the country's biggest, has 23 malls located in Metro Manila.

Early on Saturday, the Metro Manila Council, composed of the area's 16 mayors, recommended the imposition of a nine-hour curfew in NCR during the lockdown period. Malls were apparently also likewise ordered closed. 

Later in the afternoon, Malacanang clarified that a curfew is not being imposed, branding news about the statement from Metro Manila mayors "fake news."

For Ayala's Enriquez, the company is awaiting clues from the local government units (LGUs) on how to proceed with their operations in the next couple of days. "This will be until our LGUs cascade guidelines for malls, to which we will comply," she said.