The Bankers Association of the Philippines has been in close coordination with the Regulators to ensure the quick turnaround of the Implementing Rules and Regulations (IRR) of Section 4 (aa) of Republic Act No. 11469 or the “Bayanihan to Heal As One Act.”

 

As the backbone of the Philippine financial system and economy, we are one with the National Government to aid in the recovery and rehabilitation during this time of public health crisis.

 

We trust that the provisions under the IRR are meant to protect the collective interests of our stakeholders. The banking industry and individual banks respect the IRR and will follow the law and its implementing rules in order to achieve its objectives.

 

Likewise, we welcome all the regulatory relief measures extended by the Bangko Sentral ng Pilipinas (BSP) in order for banks to support the needs and requirements of the National Government, businesses and the banking public.

 

In these extraordinary times, more than ever, the Philippine banking system continues to demonstrate a strong collaboration among stakeholders through issuance of guidelines in a clear and timely manner.

 

We remain resilient during this disruptive time for our country and economy. We are committed in doing all necessary measures to help win the fight against COVID-19.