Bangko Sentral ng Pilipinas (BSP) formalized new disaster relief measures for banks, aiming to strengthen the financial sector’s resilience to natural calamities. The updated guidelines allow banks to avail of regulatory relief within one year from the onset of a disaster, providing them with greater flexibility to support affected clients and maintain stability.
These measures include options such as loan restructuring, temporary easing of capital requirements, and streamlined reporting processes. By institutionalizing these protocols, the BSP seeks to ensure that banks can respond more effectively during emergencies, safeguarding both financial institutions and their customers.
The formalization of these relief measures is part of the BSP’s broader efforts to enhance the banking sector’s preparedness and responsiveness to disasters, reflecting a proactive approach to risk management in the face of increasing climate-related challenges. | via Dann Miranda | Photo via PNA
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