BSP working to ensure cash availability in Opong-hit Masbate

The Bangko Sentral ng Pilipinas (BSP) said Thursday it has been closely coordinating with financial institutions to sustain the availability of cash and banking services in Masbate, which was hit by Typhoon Opong (international name: Bualoi).

According to the central bank, its Legazpi branch has been servicing the cash requirements of banks operating in Masbate, and has been working with financial institutions to sustain the availability of services in the province.

The BSP said it also informed banks that it can accommodate emergency withdrawals if needed, including cash-out services of money service businesses, while some banks have yet to resume operations following the storm.

“These actions support communities hit by Typhoon Opong and keep essential financial transactions flowing during recovery. The BSP will continue to closely monitor the situation to meet the cash and banking services needs of the people,” it said.

President Ferdinand “Bongbong” Marcos Jr. on Monday said it could take some time to restore the power supply in Masbate, with the government looking for ways to provide cash to residents as banks are still unable to operate.

Opong made landfall early Friday last week, leaving thousands of families affected across the province. It was placed under a state of calamity on September 28. — RSJ, GMA Integrated News