Amendments to the Standard Operating Procedures for Philippine Holidays in View of the Corona Virus Disease 2019 (COVID-19) Outbreak

OFFICE OF THE GOVERNOR MEMORANDUM NO. M-2020-013 To : All Banks and Quasi-Banks (QBs) Subject : Amendments to the Standard Operating Procedures for Philippine Holidays in View of the Corona Virus Disease 2019 (COVID-19) Outbreak The Standard Operating Procedures (SOP) for Philippine Holidays under Circular No. 1043 dated 02 August 2019 are amended in response to the Corona Virus Disease (COVID- 19) outbreak which rendered the country under a state of public health emergency pursuant to Proclamation No. 922 dated 8 March 2020. In particular, the SOPs in Annex A of Appendix 88/Q-49 of the Manual of Regulations for Banks (MORB)/Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), (copy attached), were amended as follows: 1) To include “infectious diseases outbreak” in the list of emergency situations under item 3.b. 2) To rephrase the protocol for items 3.b. day 3 onwards and 3.c. under unfavorable conditions into “Opening on the third and succeeding days will be decided by FMOSS upon consideration of BSP-IMT's recommendation, available data, and consultation with various stakeholders and competent government authorities”; and 3) To add a fourth type of holiday as “Trading holiday declared by the BSP Governor due to emergency situations such as infectious diseases outbreak, lockdown, and other similar situations” with a corresponding provision which states, “Triggers for the BSP Governor to consider such a declaration includes, but is not limited to, a declaration by the President, the Secretary of Health, or any competent government official duly authorized by law of a Code Red Sublevel Two (2), or of the imposition of community quarantine in the entirety of Metro Manila.” Under this new item, the same protocols stated in items 3.b. and 3.d. shall take effect. For guidance and immediate compliance. BENJAMIN E. DIOKNO Governor 20 March 2020 A. Mabini St., Malate 1004 Manila, Philippines * (632) 708-7701* www.bsp.gov.ph* [email protected]

STANDARD OPERATING PROCEDURES FOR PHILIPPINE HOLIDAYS Appendix 88/Q-49 Bangko Sentral ng Pilipinas Financial Market Operations Sub-Sector PDTC EQ Depository Trading and Settlement Regional Offices BTr / BAP / MART / PDTC FI Depository Type of Holiday Cash Dept Reserve PCHC Overnight PhilPaSS and Branches PDS DVP Withdrawal Position ODF OLF TDF RRP USD/PHP (ROBs) PSSC PVP Facility 1. Malacañang declared regular and special (non-working) holidays, including: Regular Holidays - New Year’s Day (January 1) - Araw ng Kagitingan (April 9) - Maundy Thursday (March or April) - Good Friday (March or April) - Labor Day (May 1) - Independence Day (June 12) - National Heroes’ Day (Last Monday of August) - Bonifacio Day (November 30) Office is closed but PCHC - Christmas Day (December 25) system remains open - Rizal Day (December 30) Closed Closed Closed Non-reserve Closed Closed Closed only to accept clearing - Ei’dl Fitr (no definite day or month) - Ei’dl Adha (no definite day or month) transactions Special Non-working holidays - Chinese New Year (around February) - EDSA Revolution Anniversary (February 25) - Black Saturday ( March or April) - Ninoy Aquino Day (August 21) - All Saint’s Day (November 1) - All Soul’s Day (November 2) - Feast of the Immaculate Concepcion (December 8) - Christmas Eve (December 24) - Last day of the Year (December 31) PhilPaSS will be closed on the first day. Opening on the second and succeeding days will be based on assessment by BSP-Incident Management Team (BSP-IMT). 2. Malacañang declared non-working days for If PhilPaSS opens, it will be for Office is closed but PCHC both public and private sectors InstaPay only. Settlement for all other FI Depository DVP system remains open Closed PhilPaSS transactions (including GS Closed Non-reserve Closed Closed PSSC PVP only to accept clearing (covering more than one day and previously trading, FX trading) will not be Closed announced/issued holidays not included in item 1) transactions available. Settlement of all other PhilPaSS transactions will be available when FMOSS and Cash open. Announcement of PhilPaSS opening/closing will be done on or before 6:00 a.m. by BSP-Payments and Settlements Office (PSO).

STANDARD OPERATING PROCEDURES FOR PHILIPPINE HOLIDAYS Appendix 88/Q-49 Bangko Sentral ng Pilipinas Financial Market Operations Sub-Sector PDTC EQ Depository Trading and Settlement Regional Offices BTr / BAP / MART / PDTC FI Depository Type of Holiday Cash Dept Reserve PCHC Overnight PhilPaSS and Branches PDS DVP Withdrawal Position ODF OLF TDF RRP USD/PHP (ROBs) PSSC PVP Facility 3. 1. Non-working days for public Malacañang declared regularsector alone and special (non-working) holidays, including: a. announced consecutive Affected ROBs Regular Holidays Day 1 Closed Closed Non-reserve Closed Closed holidays on an ordinary business closed No clearing; no - New Year’s Day (January 1) settlement. PCHC will day prior to date of effectivity. - Araw ng Kagitingan (April 9) issue an advisory to its - Maundy Thursday (March or April) The - Good consecutive Friday (Marchdays or willApril) not include members that its System regular - Labor and Day special (May 1)non-working PhilPaSS is open for InstaPay only. FI Depository DVP remains open only to Affected ROBs -national holidaysDay Independence specified (June in Item 1. 12) Day 2 Closed Settlement for all other PhilPaSS Closed Non-reserve closed Closed PSSC PVP accept clearing For example, - National if theDay Heroes’ Dec.(Last 24 and 25 of August) Monday Closed transactions national holidays fall on a Monday transactions (including GS trading, FX - Bonifacio Day (November 30) and a Tuesday and trading) will not be available. - Christmas DayMalacañang (December declares 25) on - Rizal Day (December 30) 26, 27 Dec. 21, Friday, that Dec. Closed Settlement of all other PhilPaSS and 28 are non-working public - Ei’dl Fitr (no definite day or month) sector transactions will be available when holidays, - Ei’dl Adhathe(no BSP, except definite dayPhilPaSS or month) FMOSS and Cash open based on a All FMOSS facilities will be open. (open for InstaPay only), will close on favorable assessment by BSP-IMT. the 26thNon-working Special and 27th butholidays open on the 28th. Further, Day 3 Announcement of FMOSS operations will be - Chinese Newif Year Malacañang (around declares February) Open Reserve Open Open Open Normal on Dec. Revolution 2 is a non- (Februaryonwards 28 that Jan.Anniversary done on or before 9:00 a.m. by BSP-FMOSS - EDSA 25) working public sector - Black Saturday ( Marchholiday, the or April) based on assessment by BSP-IMT which can be BSP, - Ninoyexcept Aquino PhilPaSS Day (August(open21) for released as early as 6:00 a.m. InstaPay - All Saint’s Day (November 1) 2. only), will close on Jan. - All Soul’s Day (November 2) - Feast of the Immaculate Concepcion (December 8) - Christmas Eve (December 24) Closed Day 1 Closed Closed Non-reserve Closed Closed No clearing; no - Last day of the Year (December 31) Affected ROBs settlement. PCHC will will be closed. issue an advisory to its participants that its Unaffected ROBs FI Depository DVP System remains open Day 2 Closed Closed Non-reserve will be open. Closed PSSC PVP only to accept clearing b. announced before 9:00 a.m. Opening of PhilPaSS on the second Closed transactions due to emergency situations such and succeeding days will be based on as: assessment by BSP-IMT. Open if FMOSS is - Typhoon signal no. 2/3 If PhilPaSS opens, it will be for open - Heavy rains (Red) InstaPay only. Settlement for all other - Localized flooding PhilPaSS transactions (including GS - Conflagration Announcement of trading, FX trading) will not be - Massive transporation strike USD/PHP spot - Armed or civil conflict Opening on the third and succeeding days available. Settlement of all other Open if FMOSS is Affected ROBs willtrading will be done - Strong earthquakes and tsunamis will be decided by FMOSS upon PhilPaSS transactions will be Opening on the open Non-reserve open after favorable by BAP. Open if BSP PhilPASS - Force majeure events available when FMOSS and Cash third day will be Day 3 consideration of BSP-IMT's recommendation, day when assessment of will open to settle Checks - Infectious diseases outbreak open. based on BSP- Announcement of FI onwards available data, and consultation with various FMOSS is conditions and Announcement of and PESONet IMT's favorable recommendation of fixed income trading Settlement will be stakeholders and competent government closed. Transactions Announcement of PhilPaSS assessment head of ROB. done by PDEx / PDS authorities. will be done by PDEx opening/closing will be done on or Group / PDS Group. before 6:00 a.m. by BSP-PSO. NRoSS will open if there is fixed income trading.

STANDARD OPERATING PROCEDURES FOR PHILIPPINE HOLIDAYS Appendix 88/Q-49 Bangko Sentral ng Pilipinas Financial Market Operations Sub-Sector PDTC EQ Depository Trading and Settlement Regional Offices BTr / BAP / MART / PDTC FI Depository Type of Holiday Cash Dept Reserve PCHC Overnight PhilPaSS and Branches PDS DVP Withdrawal Position ODF OLF TDF RRP USD/PHP (ROBs) PSSC PVP Facility 1. Malacañang declared regular and special Affected ROBs (non-working) holidays, including: Under good will close for weather Open Open Open Reserve localized holidays, Open Open Normal Regular Holidays conditions other ROBs will - New Year’s Day (January 1) be open. - Araw ng Kagitingan (April 9) - Maundy Thursday (March or April) - Good Friday (March or April) - Labor Day (May 1) Open if FMOSS is c. announced on a Saturday or - Independence Day (June 12) open Closed on the first day, but opening on -SundayNationalto take effect Heroes’ the Monday of August) Day (Last -following BonifacioMonday or on a30) Day (November non- the second and succeeding days will be All FMOSS facilities will be closed for the first based on assessment by BSP-IMT. ROBs will be open if Announcement of -working Christmas holiday to take effect Day (December 25) the Closed for the Closed holiday is for Metro USD/PHP spot -next Rizalbusiness day/suspension Day (December 30) is two days. first two days Open if FMOSS is If PhilPaSS opens, it will be for InstaPay Manila only. If trading will be done -localized Ei’dl Fitr (e.g. (no definite Araw day or month) ng Maynila, and opening on open Non-reserve holiday is localized, by BAP. Open if BSP PhilPASS -SONA, Ei’dl Adha (no definite Quezon day orAPEC, City Day, month) Under Opening on the third and succeeding days only. Settlement for all other PhilPaSS the third and only affected ROBs Papal Visit, etc.) will be decided by FMOSS upon transactions (including GS trading, FX day when will open to settle Checks unfavorable succeeding will be closed. ROB Announcement of FI Special Non-working holidays trading) will not be available. Settlement FMOSS is Announcement of and PESONet conditions consideration of BSP-IMT's recommendation, days will be will open after Settlement will be - Chinese New Year (around February) of all other PhilPaSS transactions will be closed. fixed income trading Transactions available data, and consultation with various available when FMOSS and Cash open. based on BSP- assessment of done by PDEx / PDS - EDSA Revolution Anniversary (February 25) will be done by PDEx stakeholders and competent government IMT's favorable conditions and Group. - Black Saturday ( March or April) / PDS Group. recommendation of - Ninoy Aquino Day (August 21) authorities. Announcement of PhilPaSS assessment. head of ROB. - All Saint’s Day (November 1) opening/closing will be done on or before - All Soul’s Day (November 2) NRoSS will open if 6:00 a.m. by BSP-PSO. there is fixed income - Feast of the Immaculate Concepcion (December 8) - Christmas Eve (December 24) trading. - Last day of the Year (December 31) Cause of holiday will Open Open Open Reserve Open Open Open Normal NOT require evacuation Open if FMOSS is open d. announced after 9:00 a.m. on Announcement of the date of effectivity and BSP USD/PHP spot Cause of Open if FMOSS is operations have already started Assess situation and if possible, retain a skeleton force and trading will be done holiday will Affected ROBs open implement extended end of day protocol. Non-reserve by BAP. Open if BSP PhilPASS require will close for day when will open to settle Checks evacuation localized holidays, Announcement of FI Announcement of FMOSS operations will be done by BSP-FMOSS. FMOSS is Announcement of and PESONet (e.g. other ROBs will Settlement will be closed. fixed income trading Transactions earthquake, be open. done by PDEx / PDS Announcement of PhilPaSS opening/closing will be done by BSP-PSO. will be done by PDEx fire) Group. / PDS Group. NRoSS will open if there is fixed income trading.

STANDARD OPERATING PROCEDURES FOR PHILIPPINE HOLIDAYS Appendix 88/Q-49 Bangko Sentral ng Pilipinas Financial Market Operations Sub-Sector PDTC EQ Depository Trading and Settlement Regional Offices BTr / BAP / MART / PDTC FI Depository Type of Holiday Cash Dept Reserve PCHC Overnight PhilPaSS and Branches PDS DVP Withdrawal Position ODF OLF TDF RRP USD/PHP (ROBs) PSSC PVP Facility 4. Trading holiday declared by the BSP Governor due to emergency situations such as infectious diseases outbreak, lockdown, and other similar situations. 1. Malacañang Triggers declared for the regular and BSP Governor special such a declaration includes, but is not limited to, a declaration by the President, the Secretary of Health, or any competent government official duly authorized by law of a Code Red Sublevel Two (2), or to consider (non-working) holidays, of the imposition including: quarantine in the entirety of Metro Manila. of community Regular Holidays No clearing; no - New Year’s Day (January 1) Day 1 Closed Closed Closed Non-reserve Affected ROBs Closed Closed settlement. PCHC will - Araw ng Kagitingan (April 9) will be closed. issue an advisory to its - Maundy Thursday (March or April) participants that its - Good Friday (March or April) Unaffected ROBs FI Depository DVP System remains open - Labor Day (May 1) Closed will be open. only to accept clearing Day 2 Closed Non-reserve Closed PSSC PVP - Independence Day (June 12) Closed transactions - National Heroes’ Day (Last Monday of August) Opening of PhilPaSS on the second - Bonifacio Day (November 30) and succeeding days will be based on - Christmas Day (December 25) assessment by BSP-IMT. Open if FMOSS is - Rizal Day (December 30) Closed open - Ei’dl Fitr (no definite day or month) If PhilPaSS opens, it will be for - Ei’dl Adha (no definite day or month) InstaPay only. Settlement for all other Announcement of a. announced before 9:00 a.m. Special Non-working holidays PhilPaSS transactions (including GS USD/PHP spot Opening on the third and succeeding days Open if FMOSS is - Chinese New Year (around February) trading, FX trading) will not be Affected ROBs willtrading will be done will be decided by FMOSS upon Opening on the open - EDSA Revolution Anniversary (February 25) available. Settlement of all other Non-reserve open after favorable by BAP. Open if BSP PhilPASS - Black Saturday ( March or April) third day will be Day 3 consideration of BSP-IMT's recommendation, PhilPaSS transactions will be day when assessment of will open to settle Checks - Ninoy Aquino Day (August 21) based on BSP- Announcement of FI onwards available data, and consultation with various available when FMOSS and Cash FMOSS is conditions and Announcement of and PESONet - All Saint’s Day (November 1) IMT's favorable recommendation of fixed income trading Settlement will be stakeholders and competent government open. closed. Transactions - All Soul’s Day (November 2) assessment head of ROB. done by PDEx / PDS authorities. will be done by PDEx - Feast of the Immaculate Concepcion (December 8) Group - Christmas Eve (December 24) Announcement of PhilPaSS / PDS Group. - Last day of the Year (December 31) opening/closing will be done on or before 6:00 a.m. by BSP-PSO. NRoSS will open if there is fixed income trading. Open if FMOSS is open Announcement of USD/PHP spot Open if FMOSS is Assess situation and if possible, retain a skeleton force and trading will be done Affected ROBs open implement extended end of day protocol. Non-reserve by BAP. Open if BSP PhilPASS b. announced after 9:00 a.m. on the date of will close for day when will open to settle Checks effectivity and BSP operations have already localized holidays, Announcement of FI Announcement of FMOSS operations will be done by BSP-FMOSS. FMOSS is Announcement of and PESONet started other ROBs will Settlement will be closed. fixed income trading Transactions be open. done by PDEx / PDS Announcement of PhilPaSS opening/closing will be done by BSP-PSO. will be done by PDEx Group. / PDS Group. NRoSS will open if there is fixed income trading.