Financial markets and banks will be on normal business operations today, despite the suspension of work in government offices.
Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. said the clearing and settlement, cash servicing and treasury operations would remain operational on the day marking the 45th year of the declaration of martial law by the late president Ferdinand Marcos.
President Rodrigo Duterte did not declare Sept. 21 as a holiday, but ordered the work suspension in the executive branch of the government.
The Philippine Stock Exchange and the Securities Clearing Corporation of the Philippines said with the Philippine Payment and Settlements System on normal business operations, there would also be regular trading, clearing and settlement operations today.
The Bankers Association of the Philippines also said that all member banks would remain fully operational. “Normal check clearing operations, trading and other financial transactions will be observed to fully serve the banking public,” BAP said.
“Clearing and settlement, cash servicing, and treasury operations… will observe normal operations. It will be a regular reserve day in so far as computing for the reserve position of Sept. 21, 2017,”Espenilla said.
Espenilla said the scheduled meeting of the policy-making Monetary Board of the Bangko Sentral would also push through Thursday.
Meanwhile, other BSP operations were suspended. Espenilla said all reports due Thursday might be submitted on Sept. 22, 2017 without penalty.
Malacañang clarified that the work suspension on Sept. 21 would apply only to the executive branch of the government.
“The memorandum circular will only cover the executive branch of government, including local government units, and public schools at all levels, including state-and LGU- universities and colleges/technical and vocational schools,” the Office of the Executive Secretary said.
“The other branches of government where the executive branch has no jurisdiction is not covered by the MC,” it said.
It also said that it would be up to the private companies and schools to suspend work and classes.