Zamboanga City banks get relief

Banks and their customers in conflict-stricken Zamboanga City will be given temporary regulatory relief, the Bangko Sentral ng Pilipinas said in a statement Friday.

 

Under BSP Memorandum 2013-042 signed by central bank Deputy Governor Nestor Espenilla Jr., loans due between September 9 and November 8 this year will be temporarily exempt from payment obligations.

 

Banks with branches within the city that will not be able to submit required reports will also be exempt from penalties

 

Monetary authorities recognized security risks facing clients and bank employees, according to the statement.  

 

Businesses in Zamboanga have been hit by the ongoing standoff between Moro rebels and government troops. 

 

The crisis started on September 9 as members of the Moro National Liberation Front allied with founder Nur Misuari attacked government troops in the city in a bid to establish the United Federated States of Bangsamoro Republik. —Siegfrid O. Alegado/KG, GMA News