THE Bangko Sentral ng Pilipinas (BSP) recently announced that based on the report of its Legazpi branch, all banks in Masbate have resumed operations following the devastation caused by Typhoon Opong.
However, according to the Masbate Bankers Association (MBA), some automated teller machines (ATMs) are still offline due to connectivity issues.
Nonetheless, over-the-counter withdrawals and other transactions may already be done at all banks in the province, the BSP said.
‘The BSP will continue to monitor banking operations in Masbate as the province recovers from the typhoon, in line with the central bank’s commitment to efficient delivery of financial services,’ read a statement issued by the central bank.
Initailly, the BSP said it can accommodate emergency withdrawals, should local banks from the island province of Masbate need it.
The BSP said that its Legazpi branch has been servicing the cash requirement of banks in Masbate.
‘The branch has also been closely coordinating with supervised financial institutions to sustain the availability of banking services in the province,’ the BSP said
‘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,’ the BSP said.
Earlier, the President said among the pressing concerns in the province was poor access to cash due to the lack of power in many of its banks in the aftermath of Typhoon Opong.
He said two operational branches of Land Bank of the Philippines will try to provide for the cash withdrawal needs in Masbate.
Financial literacy
MEANWHILE, the BSP said it recently conducted an Economic and Financial Learning Program (EFLP) in Cotabato City to help farmers, fisherfolk, and agri-entrepreneurs in the area make smarter financial decisions.
The sessions covered agri-business development, financing and insurance options, and digital financial tools.
These also included strategies for emergency preparedness and long-term financial planning as well as Islamic banking and financial services for Muslim communities.
According to the BSP’s 2021 Financial Inclusion Survey, 73 percent of farmers and fisherfolk remain outside the formal financial system.
Barriers include limited access to banks, high transaction costs, lack of documentation, and low financial awareness.
Through the EFLP, the BSP continues to advance financial education and inclusion, especially in underserved sectors like agriculture.
The Cotabato session was the fourth EFLP rollout this year, following earlier sessions for students and educators, MSMEs, and BSP employees.