M-056, Approving the Temporary Regulatory Relief to banks affected by typhoon “Pedring”

Please be informed of the issuance of Memorandum o56 or,  the granting of temporary regulatory relief to banks with offices and branches located in areas devastated by Pedring, which was approved by the Monetary Board in its promulgated Resolution No. 1597.  The aforementioned resolution contains several provisions, specifically on the form of temporary relief granted to banks and, the areas severely affected by the onslaught of the October typhoon, as reported by the National Disaster Risk Reduction and Management Council.

For the areas affected, below are the municipalities and cities included in the list:

a. NCR: Caloocan City, Malabon City, Manila City, Marikina City, Muntinlupa City, Navotas City, Paranaque City, Pasay City, Pasig City, Pateros, Quezon City and Valenzuela City.

b. CAR: Abra, Apayao, Benguet, ifugao, Kalinga and Mt. Province.

c. Region I: Ilocos Norte, Ilocos Sur, La Union and Pangasinan

d. Region II: Cagayan, Isabela, Nueva Vizcaya and Quirino

e. Region III: Aurora, Bataan, Bulacan, Nueva Ecija, Pampanga, Tarlac and Zambales

f. Region IV-A: Batangas, Cavite, Laguna, Quezon and Rizal.

g. Region IV-B: Occidental Mindoro, Oriental Mindoro and Romblon

h. Region V: Albay, Camarines Norte, Camarines Sur and Catanduanes.

i. Region VI: Antique and Iloilo

To secure a copy of the BSP memorandum, kindly click the following link m056-3