BSP, PSE suspend operations Jan 15-16

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The central bank said on Monday its head office in Manila, along with its Philippine Payments and Settlements System (PhilPASS) and the Quezon City Security Plant Complex, will be closed on January 15 to 16 to allow market participants to observe the special non-working holiday for Pope Francis’ visit to this dominantly Catholic country.

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The Bangko Sentral ng Pilipinas (BSP) said in the same advisory to commercial banks that its regional offices and branches, will remain open on those days.

The presidential palace earlier announced that January 15, 16 and 19 are special non-working days in the National Capital Region for the Pope’s visit.

The BSP said that on January 19, even while the Pope is still in the country, PhilPaSS will resume operations to settle cleared transactions from the Philippine Stock Exchange (PSE), which will be open for trading on that day, Monday.

The BSP regional offices and branches will, also, be open on January 19, although the head office will remain closed on that day.

The BSP cash department of the Security Plant Complex in Q.C. will be open on January 19 for cash withdrawals only, it said.

The central bank said it will not undertake foreign exchange/swap transactions and open market operations, including repurchase/ reverse repurchase agreements and special deposit account transactions during the three non-working holidays.

PSE halts trade on Jan 15-16
The Philippine Stock Exchange, meanwhile, announced it will suspend trading this Thursday and Friday, but will resume normal operations on Monday.

In a memorandum posted on its website, the PSE said “Philpass and the BSP regional offices and branches will be open on January 19.” which led to the exchange resuming regular trading on Monday.

WITH KRISTYN NIKA LAZO

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1 Comment

  1. Why do we have to suspend trading on non-working dates? Why not allow the trading participants and investing public to trade online? Suspended trading on non-working dates are wasted financial opportunities!