BSP allows direct currency withdrawals by banks during calamity, emergency situations

BANKS not registered with the Philippine Payment and Settlement System (PhilPaSS) Plus or the Integrated Currency Management System (ICMS) are now temporarily allowed to withdraw currency directly from the Bangko Sentral ng Pilipinas (BSP) during calamities or emergency situations so they can continue to facilitate their customers’ transactions.

“Under this temporary measure, the currency servicing units (CSUs) of banks not registered in PhilPaSS Plus and/or ICMS may withdraw currency directly from the BSP regional office or branch (ROB) having jurisdiction over their location,” the central bank said in a memorandum signed by BSP Deputy Governor Bernadette Romulo-Puyat.

Banks with CSUs in areas under a state of calamity are permitted to withdraw currency upon resumption of work and within five working days following the lifting of the state of calamity.

Meanwhile, in cases where calamities or similar emergency situations significantly disrupt banking services and force work suspensions, affected banks are granted a five-day window to process currency withdrawals with the BSP once they resume operations.

The measure is effective until Dec. 31, 2027.

To qualify, banks must submit necessary authorization documents for each CSU to the BSP’s Regional Operations Sub-Sector for approval at least three days before a currency withdrawal transaction.

These include a notarized Secretary’s Certificate on the bank’s board resolution, which would verify their transaction limits and the designated approver and authenticator, as well as specimen signatures and a cover letter.

According to the BSP, banks will receive approval notifications for regular requests within three working days.

However, the central bank allows same-day or next-day approval if documents are submitted before 12 p.m., as long as banks provide a justification for the request’s urgency.

To withdraw, CSUs must present a cash order slip and an authority to withdraw, identifying the bank representative authorized to withdraw the currency from the BSP ROB, other bank personnel authorized to assist in the hauling of currency withdrawn, and the armored vehicle assigned for the transaction.

Withdrawals are subject to service fees ranging from P3 to P200 per bundle of banknotes, depending on denomination and condition.

The central bank has waived the applicable penalties for canceling a currency withdrawal under the temporary guidelines. — Katherine K. Chan