BSP implements alternative work arrangements as COVID-19 cases surge

The Bangko Sentral ng Pilipinas (BSP) will observe alternative work arrangements in its head office in Manila and the Security Plant Complex in Quezon City until the end of March following the recent surge in COVID-19 cases.

In an advisory, the central bank said personnel from its mission-critical departments and support units will continue to report on-site as appropriate, while maintaining health protocols mandated by the Department of Health (DOH).

"The BSP assures the public of its unhampered services as it continues to deliver its mandated responsibilities to support the smooth functioning of the economy and the financial system, while safeguarding the welfare of its personnel and frontliners," the advisory read.

As part of its mandate, the BSP maintains price stability conducive to a balanced and sustainable growth of the economy and employment. It also promotes and maintains the stability and convertibility of the peso.

The BSP said is now coordinating with the banking industry to ensure the continuous delivery of financial services, and encourages banks to observe the health standards to prevent the spread of COVID-19.

The central bank also pushed for the use of digital banking facilities for the public to be able to carry out the needed financial transactions amid the pandemic.

The Philippines on Tuesday reported 5,867 new confirmed cases of COVID-19 to bring the total to 677,653. This includes a record-high 86,200 active cases; 578,461 recoveries; and 12,292 deaths. — RSJ, GMA News