Clarification on the Applicable Standard Operating Procedures Referenced in the BSP Circular No. 1217, Series of 2025

BANGKO SENTRAL NG PILIPINAS FINANCIAL MARKETS I DOMESTIC MARKET OPERATIONS DEPARTMENT MEMORANDUM NO. M-2O25:O38 To: : All BSP-supervised Financial Institutions (BSFls) Subject : Clarification on the Applicable Standard Operating Procedures Referenced in the BSP Circular No.l2l7, Series of 2025 This refers to the Standard Operating Procedures (SOP) for Philippine Holidays and Work Suspensions, a copy of which was annexed to BSP Circular No. 1217, Series of 2025. All concerned parties are advised to refer to the 2025 SOP (copy attached), issued under Memorandum No. M-2O25-O28 dated 12 August 2o.25. This version replaces and supersedes the 2023 SOP and shall serve as the official basis for operational arrangements during Philippine holidays and work suspensions. This clarification is issued to ensure consistency and uniformity in the implementation of the procedures outlined in the Circular. For guidance and compliance. ()'/-z*'' CHARIW S. MALTO Ch ief I nvestment Ana lytics Officer 2l November 2025

BANGKO SENTRAL NG PILIPINAS OFFICE OF THE COVEN TON M EMORAN DU M NO. M-2O25-O28 To All BliP-Superviaod Financial Ingtitutiong (BSFlcl Subject Reviced Standard Opemtlng Procedures for Philippine Holldays and Work Suspcnsionr In line with its continuing commitment to uphold the efficient functioning of the countD/s large-value payment system, to €nsure the reliability of currency operations, and to promote the stability of the Philippine financial markets. the Bangko Sentral ng Pilipinas (BSP) hereby issues further amendments to the Standard Operating Procedures (SOP) for Philippine Holidays and Work Suspensions (Revised August 2025, Annex A), as prescribed under Appendix 88 of the Manual of Regulations fior Banks (MORB) and Appendix Q-51 of the Manual of Regulations br Non-Bank Financial Institutions (MORNBFI). The SOP has been revised and simplified to reflect the BSP's enhanced capability to perform essential central bank operations under different scenarios where several work arrangements can be applied. Accordingly, such operations shall continue to be undertaken except during nationwide regular and special non- working holidays for both the public and private sectors as declared by Malacaftang, or when the BSP Governor/Officer-in-Charge suspends operations due to safietyconcerns, or non-availabilityof critical utilities. services, and inftastructure, among other reasons. This Memorandum supersedes Memorandum No. M-2O23'O4O dated 22 December 2o.23. For guidance and immediate compliance. /^q EU M. REMOLONA JR. Governor 12 August zozs

Standard Operating Procedures fior Philippine Holidap and Work Suspensions (Revised August 2c.251 (AppendixSS/Q-51) The following arrangements shall be observed on Philippine holidays and work suspensions: l. The Bangko Sentral ng Pilipinas (BSP) shall conduct essential central bank operationson Philippine holidays, including local holidayst and during government work suspensiohs, excepl: a. On nationwide regular and special non-working holidays for both public and private sectors as declared by Malacahangz or b. When the Governor/Officer-in-Charge (OICP declares otherwise due to safety risks of BSP personnel, non-availability of critical utilities and services, infrastructure breakdown, or similar circumstances. In such cases. the BSP's Communication Office shall issue the corresponding advisory meant for the general publica while concerned departments/offices shall issue the corresponding advisories meant for supervised institutions and other stakeholders, as much as possible on the day before but no later than 8:OO A.M. of the same day. For suspensions taking effect after 8:OO AM., announcement shall be made at least one 0 ) hour prior to effectivity. 2. The essential central bank operations are as follows: Operations Responsi ble BSP DepartmenWnit Monetary and FX (USD/DHP) Operations Trading and Settlement of BSP transactions such as, but not limited to: o Monetary operations Financial Markets (FM) r USD/pHp Trading Preparation of daily Reference Exchange Rate Bulletin (RERBI Peso Real-Time Gross Settlement through Payments and Settlements PhilPaS9w Department (PSD) Cash Services [i.e., Currency Deposits and Withdrawals, Cash BSP RegionalOffices and Service Alliance (CSA). First-level System Branches, including the Greater Administrations. and Manila Regional Office (GMRO) Check-Clearino Tel lerino Transactions6 I t Refer to holidays observed only in specific areas, €.9., provinces, cities. or municipalities. 2 As announced in the relevant Proclamation by the Office of the President, published through the Official Gazette or through the Presidential Communications Office or equivalent agency/office through online platiorms. traditional medla, and other modes/channels of public informatlon dissemination. 3 The Deputy 6ovemorAector-ln-Charge, Regional operations and Advocacy s€ctor, shall approve zuspensircn of cash servlces applicable to specific BSP regional offices or branches. a To be released through the BSP website, official BSP social media accounts, or other similar means or platfiorm. 3 First-Level System Administration refers to Currency Management System support services 6 Check-Clearing Tellering is offered by GMRO only and this has dependency on the operations of the Philippine Clearing House Corporation (PCHC I

3. A holiday shall be considered a "Fleserve Day" when all essential central bank operations are conducted for the entire business day. 4. The operations shown below shall be conducted by the relevant financial market inftastructures and industry associations when the BSP performs all essential central bank operations: Operations StakeholderT NRoSS Settlement Bureau of the Treasury (BTr) lGovernment SecuriW (GS ) Transactions I FX, Interest Rate Swaps and other Bankers Association of the Derivatives Tradinq Philippines {BAP) Fixed Income Trading Philippine Dealing & Exchange Corp. (PDEx). Interbank and Interprofessional GS Repo Money Market Association of the Tradinq Philiopines (MART) Equities Depository and Fixed Income Philippine Depository & Trust Corp. Depository Delivery versus Payment (PDTC) (DvPl Check lmage Clearing System (CICS), PESONeI Clearing, USD/PHP Payment Philippine Clearing House versus Payment (tryP), and Philippine Corporation (PCHC) Domestic Dollar Transfer Service (PDDTS} ATM and InstaPay Clearing BancNet 7 The Stakeholder shall be the relevant Administrator, Self-Regulatory Organizatign or Successor-in-lnterest. as may be applicable