BSP eases ID requirements for select bank transactions amid ECQ
Robie de Guzman • April 1, 2020 • 832
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Wednesday said it has relaxed the requirement for the presentation of a valid identification document (ID) for customer boarding and select transactions during the enhanced community quarantine period in Luzon.
In a statement, the BSP said this is to facilitate the delivery of welfare funds to identified beneficiaries who have no available valid IDs or transactional account with any financial institutions.
“The Bangko Sentral relaxed the Know Your Customer (KYC) requirements since the accounts involved are considered as low risk,” it said.
The policy is effective until June 30, 2020, the central bank said.
Under the relaxed KYC requirements, the BSP said it has introduced the following control measures to guard against money laundering and terrorism financing risks:
the transactions in the account shall not exceed P50,000.00 per day;
qualified customers are those who reside or conduct business in the area which has been declared to be under ECQ/CQ;
customers are required to certify that he/she has no valid ID; and
the customer’s account activities shall be subject to ongoing monitoring.
“Financial institutions are expected to obtain the required minimum information from the customer and perform risk-based customer due diligence,” the central bank said.
“The relaxed KYC requirements apply to both over the counter and electronic or online transactions,” it added.
The BSP said the move is part of its initiatives to ensure that Filipinos have continuous access to basic government and financial services amid the COVID-19 situation.
Consumers in Metro Manila flocked to grocery stores after President Rodrigo Duterte on Sunday night, approved the reversion of some areas to Modified Enhanced Community Quarantine (MECQ) in response to the medical frontliners’ plea for a two-week “timeout”.
This prompted Malacañang on Monday to remind the public not to panic buy amid the implementation of MECQ in the National Capital Region (NCR).
“Walang dahilan para mag-panic buying. Supplies are high, delivered in supermarkets in anticipation of bigger demand prior to MECQ,” said Presidential Spokesperson Harry Roque.
The Palace official reiterated that only essential establishments will remain open including supermarkets, banks, and hospitals. He also said that the “time out” will be used to strengthen the government’s testing, tracing, and treatment of COVID-19.
“This is primarily to accede to the demand of the frontliners for a break. A ‘time out,'” Roque said. AAC (with reports from Joan Nano)
The Bangko Sentral ng Pilipinas (BSP) on Wednesday said it has launched enhanced banknotes to incorporate inclusivity and additional security features.
In a statement, the central bank said the improved banknotes are more responsive to the needs of the elderly and visually-impaired, and feature the latest anti-counterfeiting technology.
The BSP said the new banknotes now feature short horizontal lines that can be touched and felt at its right side. One pair of lines will be in the 50-peso banknote, two pairs for the 100-pesos, three for the P200, four for P500 and five for P1,000 bills.
The added features are seen to assist the elderly and the visually-impaired identify the banknotes and distinguish one denomination from another.
For P500 and P1,000 bills, the central bank said a roller bar effect on the value panels and color-shifting in the optically variable ink were also added to make it more difficult to counterfeit.
Indigenous Filipino weaves were also added on the windowed security threat of P100, P200, P500 and P1,000 banknotes to highlight the country’s rich culture.
The banknotes without the enhanced features will remain legal tender and shall co-exist with the abovementioned enhanced banknotes, the central bank added.
Pampanga Governor Dennis Pineda warned of reverting the province to enhanced community quarantine (ECQ) if the number of coronavirus disease (COVID-19) cases continues to rise.
“Tumaas po ang mga kaso natin. I have no choice kung hindi ibalik sa GCQ ito o ECQ kung aabot tayo sa worst situation (Cases in our province increased. I have no choice but to revert to GCQor ECQ if the situation worsens),” he said.
After the province was placed under modified general community quarantine (MGCQ) on June 15, new COVID-19 cases went up by 25. As of July 7, according to the Provincial Epidemiology and Surveillance Unit, there are 166 confirmed COVID-19 cases in the Pampanga, with 100 recoveries and 16 deaths.
Only Arayat and Masantol, Pampanga remain COVID-19-free, the Pampanga governor said. He reminds residents to only leave the house if necessary.
“Hindi po sinasabi ng MGCQ na libre kayo na makipagkwentuhan sa ibang lugar (Just because it’s MGCQ, it doesn’t mean you are free to meet up in other places),” he said.
Barangay Capalangan and Sulipan in Apalit are currently under hard lockdown until July 16 due to the surge of COVID-19 cases in the area. AAC (with reports from Leslie Huidem)
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