Interbank trading to continue as banks shorten operating hours —BAP

Interbank US dollar-Philippine peso spot trading and swap trading hours will continue as scheduled even as local lenders have shortened their operating hours, the Bankers Association of the Philippines (BAP) announced.

In an advisory, the BAP said spot trading and swap trading hours will remain from 9 a.m. to 4 p.m., to provide financial services to clients amid the surge in the country’s COVID-19 cases.

“This step shall guarantee the continued operation of financial markets, therefore enabling market participants to continue meeting their liquidity needs as well as making appropriate hedges in their portfolios and balance sheets for risk management purposes,” the advisory read.

For retail services such as foreign exchange, the BAP urged the public to check with their respective banks’ websites and social media pages for updates.

This comes as a number of local banks shortened their operating hours, citing the surge in the Philippine daily tally of COVID-19 cases which has continued to hit record highs.

“Our member banks’ operational adjustments are implemented to ensure that your banking requirements are met throughout this pandemic,” the BAP said.

The Philippines on Wednesday recorded 32,246 new confirmed cases of COVID-19, bringing the country’s active cases up to 208,164. The total caseload now stands at 3.058 million, including 2.797 million recoveries and 52,564 deaths. — BM, GMA News