Amendment of Regulations on Banking Days and Hours

Bangko Seninal ng Pilipinas

OFFICE OF THE GOVERNOR

Circular No. 634

Series of 2008

Subject: Amendment of Regulations on Banking Days and Hours

2008, approving the amendments to the regulations on_banking days and hereby amended, as follows: hours, the provisions of the Manual of Regulations for Banks (MORB) are Pursuant to Monetary Board Resolution No. 1533 dated 21 November

hereby amended to read as foliows: Section 1. The fourth paragraph of Section X156 of the MORB is

individually or through their head offices, to the appropriate department of the SEs of the BSP a prior notice of their intended closure on account of a specific local festivity, together with a copy of the resolution of the local bankers association approving said closure, at ieast two (2) working days before the intended date of closure. Banks and/or their branches or other offices shall submit, either

as follows: Section 2. Section X156.1 of the MORB is hereby amended to read

beyond the minimum six (6) hours for banking services other than the bank's management will inform the BSP of the schedule of its banking hours which shall in no case be less than six. (6) hours a day. AM or after 8:00 PM. Banks may, after prior written notice to the servicing of deposits and withdrawals but in no case shall such banking hours start earlier than 8:00 AM nor extend beyond 8:00 PM: Provided (6) hours and for as long as they find it necessary, even before 8:00 appropriate department of the SES of the BSP, also remain open however, That branches of banks at any international airport or major fish port are a!lowed to operate on flexible banking hours within a twenty-four (24)-hour period, subject to the condition that the individual during holidays. For purposes of servicing deposits and withdrawals. banks may, at their discretion, remain open beyond the minimum six Banking hours beyond the minimum; banking services

PananalapIng Matatag, Bansang Panatag

A. Mabini St., Malate 1004, Manila, Phifippines Trunkline (632) 524-70-11 URL:www.bsp.gov.ph e-mait: [email protected]

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Banks and/or their branch/es and/or extension offices

a notice signed by its president or officer of equivalent rank, of its banking days that were covered by holidays for the purpose of to open its head office and/or branch/es and/or extension offices at feast two (2) working days before the intended date of opening intention to open during the holidays, together with a copy of the and/or extension offices) will open on what dates and their servicing deposits and withdrawals: Provided, That a bank opting shal! submit to the appropriate department of the SES of the BSP. of the bank head office and/or branch/es and/or extension offices, schedule of banking hours. board resolution approving the same: Provided further, That the notice shall specify which office (head office and/or branch/es may opt to remain open during any or all of their regular

the Bureau of internal Revenue (BIR-AABs), and/or its branch/es and/or extension offices, are allowed to open for two (2) Saturdays PM, to receive internal revenue tax payments. The notice, which shall specify which office fhead office and/or branch/es and/or dates, shall be submitted to the appropriate department of the SES of the BSP on or before the last banking day of March of every year. president, or officer of eguivalent rank, authorized agent banks of prior to April 15 of every year, and daily from April 1 to income tax payment deadline, to extend banking hours from 3:00 PM to 5:00 extension offices) will open Subiect to submission of a notice signed by the bank extend banking hours on what

after its publication either in the Official Gazette or in a newspaper of general circulation. Section 3. Effectivity. This Circular shall take effect fifteen (15) days

FOr tHe MonetArY BOArd:

M AmandO m. tetangCO, Jr. /Governor

December 2008