THE Bangko Sentral ng Pilipinas (BSP) has temporarily allowed banks to directly withdraw cash from its regional offices during calamities and emergency situations to ensure uninterrupted currency supply.
Under Memorandum M-2026-015, banks not registered in the Philippine Payment and Settlement System Plus (PhilPaSSplus) and/or the Integrated Currency Management System (ICMS) may now access physical currency directly from BSP regional offices or branches, subject to specific conditions.
The policy, part of the BSP’s enhanced regulatory relief framework, will remain in effect until Dec. 31, 2027.
The BSP said the measure was designed to support banks’ ability to serve clients during disasters, when normal cash distribution channels may be impaired.
Eligible withdrawals may be made when a state of calamity has been declared in the city or municipality where a bank’s currency servicing unit is located, or when a work suspension is ordered due to emergencies that significantly disrupt banking operations.
In such cases, banks may withdraw currency upon resumption of work during the state of calamity and within five working days after it is lifted. For work suspensions, withdrawals are allowed within five working days from the resumption of operations.
Operating hours for these transactions will be from 9 a.m. to 4 p.m. at the BSP’s Greater Manila Regional Office and from 9 a.m. to 3 p.m. at provincial branches.
To access the facility, banks have to submit authorization documents for each currency servicing unit, including a board-approved secretary’s certificate outlining withdrawal limits, approval rules and designated signatories, as well as specimen signatures of authorized personnel.
The BSP encouraged banks to submit the documents in advance or at least three working days prior to their first withdrawal transaction.
Applications will be processed within three working days for regular submissions or as quickly as the same day for expedited requests, depending on the completeness of documents.
Approved authorizations will remain valid until end-2027 unless updated or replaced.
Simplified withdrawal process
Once authorized, the credit servicing units may directly coordinate with BSP regional offices and are encouraged to submit their cash requirements via email ahead of scheduled withdrawals. Banks will no longer be required to post their requests on the Cash Service Alliance portal under the temporary measure.
On the day of withdrawal, banks must present key documents, including cash order slips and authority to withdraw forms detailing the transaction amount, authorized personnel and armored vehicle information.
The BSP said bank representatives must inspect and verify the currency upon release and discrepancies should be reported within three working days.
Currency withdrawals will remain subject to existing service fees based on denomination, although penalties for cancellation will not apply.
The fees paid may qualify for rebates or incentives tied to the deposit of unfit currency in line with existing regulations, the BSP said.
NIÑA MYKA PAULINE ARCEO
