BANeKo SeNrnaL NG) prurprnas

OFFICE OF THE GOVERNOR

ctRcurAR No.L04l
Series of 2019

subject: standard operating procedures for philippine Holidays

The Monetary Board, in its Resolution No. 1104 dated 25 July 2OLg, approved
the amendments to the Guidelines for Days Declared as Public Sector Holidays as
prescribed in Appendix 88/e-a9 of the Manual of Regulations for Banks (MORB)/
Manual of Regulations for Non-Bank Financial Institutions (MoRNBFI).

Section 1. Appendix g8/e-a9 of the MORB/MoRNBF| shall be amended by

renaming the matrix from "Guidelines for Doys Declored as Pubtic Sector Holidays', to
"Standard Operoting Procedures for Phitippine Holidoys" (see attached Annex A).

Section 2. References under Sections 254, 6Ot and 802 of the MORB and
Section 4256Q and Subsection 4601e.6 of the MORNBFT to public sector holidays
shall be changed to philippine holidays.

Section 3. Effectivity. This circular will take effect fifteen (15) calendar days
after publication in the Official Gazette or in a newspaper of general circulation.

FOR THE MONETARY BOARD:

BENJAMIN E. DIOKNO
Governor

QRugust 2or9

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 STANDARD OPERATING PROCEDURES FOR PHILIPPINE HOLIDAYS
Appendix 88/Q-49 ANNEX A

Bangko Sentral ng Pilipinas

Financial Mark€t Operations Sub€ector
Tradinq and Settlement PDTC EQ Depositor)
Type of Holiday Fggtu[at vlnce BTr / BAP / MART / PDTC Fl D€pository
Cash Dept Reserve PCHC
Overnight PhlPaSS and Branches PDS DVP
Withdrawal Position
ODF OLF TDF RRP USD/PHP (ROBs) PSSC PVP
Facility

11. Malacaflang declared regularand special

l(non-working) holidays, including:

lRegular Holidays
l-
New Y€/s Day (January 1)
F Araw ng Kagilingan (April 9)
- Maundy Thursday (March or April)
- Good Fdday (March or Apdl)
- Labor Day (May 1)
- Indep€ndence Day (June 12)
- National Heroes' Day (Last Monday of August)
- Bonifacio Day (November 30)
- Christrnas Day (December 25) Ofiice is closed but PCHC
- Rizal Day (Decemb€r 30) Closed Closed Closed Non-reserve system remains open
Closed Closed Closed
- Eidl Filr (no definite day or month) only to accept clearing
- Ei'dl Adha (no definite day or month) transactions

S pec ial Non-work ing hol id ays

- Chinese New Year (arcund February)
- EDSA Revolutim Anniversary (February 25)
- Black Saturday ( March tr April)
- Ninoy Aquino Day (August 21 )
- All Sainfs Day (November 1)
' All Sdl's Day (Novembs 2)
- Feast of the lmmaculate Concepcim (Decembe 8)
- Christmas Eve (Oecember 24)
. Last day of the Y€r (Dsemb€r 31)

PhirPaSS will be closed on th€ first

day.

Opening on the s€cond and

succeeding days will be based on
assessment by BSP-lncident
Management Team (BSP-IMT).

2. Malacafrang declared non-working days for lf PhlPaSS opens, it will be for

both public and private sectors InstaPay only. Settlement for all other f,ffice is closed but PCHC
Fl Depository DVP
Closed PhlPaSS transactions (including GS Closed Non-reserve system remains open
Closed Closed PSSC PVP
(covering more than one day and previosly trading, FX trading) will not be only to accept clearing
announced/isued holidays not included in item Closed
1 ) available. Seftlement of all other transactions
PhlPaSS transactions will be
availabb when FMOSS and Cash
ooen.

Announcement of PhlPaSS
opening/closing will be done on or
before 6:00 a.m. by BsP-Payments
and Settlements Office (PSO).
 STANDARD OPERATTNG PROCEDURES FOR PHILIPPINE HOLIDAYS
Appendix 88/Q.49

(o Sentral no Pil
Financial Market OperationsSuEEEd6i
Trading and Seftlement POTC EQ Depositoq
Type of Holiday Regional Offices
Ovemight Cash Dept Reserve BTr / BAP / MART / PDTC Fl Depository
PhlPaSS and Branches PDS PCHC
ODF Withdrawal Position DVP
OLF TDF RRP USD/PHP (ROBs) PSSC PVP
Facility

13. Non-working days for public sector alone

I
I_ announced consecutive
la. I

lholidaysonanordinarybusiness I Day 1 Closed

Closed Non-reserve
Affected ROBs
lday prior to date of effectivity. I closed Closed Closed
No clearing; no
settlement. PCHC will
The cons*ulive days will not include
regular and special non-working issue an advisory to its
national holidsys specified in ltem 1. PhilPaSS is open for Instapay onry. members that its System
Fc example, if the Dec. 24 and 25 Day 2 Closed Settlement for all other PhllpaSS Affected ROBs Fl Depository DVP remains open only to
Closed Non-reserve Closed PSSC PVP
national holidays fall on a Monday and transactions (including GS trading, FX closed accept clearing
a Tuesday and Malacafrang dfflaros trading) will not b€ available. Closed transactions
on Dec. 21, Friday, that Ds. 26,27
Settlement of all other phtlpaSS
holidays, th€ BSP, exc€pl PhrlPaSS
(op€n for InstaPay only), will clGe on All FMOSS facitities wilt be open. FMOSS and Cash open based on a
the 26th and 27th but op€n m lhe favorable assessment by BSp-lMT.
28th. Furth€r, if Malacaiang declares Day 3 Announcement of FMOSS operations will be
on Dec. 28 that Jan. 2 is a non- onwaros done on or before g:00 a.m. by BSp-FMOSS Open Reserve Open Open Open Normal
working public secto holiday, the based on assessment by BSpJMT which can be
BSP, ucept PhlPaSS (open tor released as early as 6:00 a.m.
lnstaPay only), will close on Jan. 2.

Day 1 Closed Closed Closed Non-reserve Closed Closed

No clearing; no
Affected ROBS settlement. PcHc will
will be closed. issue an advisory to its
participants that its
Day 2 Unaff€cted ROBs Fl Depository DVP System remains open
Closed
Closed Non-reserve will be open. Closed PSSC PVP only to accept clearing
b. announced before g:00 a.m. Opening ofPhlPaSS on the secono Closed lransaclions
due to emergency situations sucn and succeeding days will be based on
as: assessment by BSP-IMT.

- Typh@n signal no. 2y3 lf PhlPaSS opens, it wiil be for Open if FMOSS is
- H€vy rains (Red) InstaPay only. Settlement for all other open
- L@aliz€d iooding PhtlPaSS transactions (including GS
- ConffagEtion
trading, FX trading) will not be Announcement of
- Massive lransporatid strike Opening on the third and succeeding days will be available. Settlement of all other USD/PHP spot
. Amed d civil confiict
based on BSP-IMT's favorable assessment Open if FMOSS is
' Strmg €rthquakE and tsunamis PhlPaSS transactions will oe Opening on the Affecred ROBs will trading will be done
which can be released as eady as 6:00 a.m. Non-reserve open
. Forc€ majeuro ev€nts
Day 3 available when FMOSS and Cash third day will be opm after favrable by BAP. Open if BSP PhIPASS
ooen. day when assessmenl of
onwards based on BSP- will open to settle Checks
Announcement of FMOSS operations will be FMOSS is condilions and Announcement of Fl
IMT's favorable Announcement of and PESONeI
done by BSP-FMOSS immediatelv after said closed. rcommendalion of fixed income trading Seftlem€nt will be
Announcement of phrTpaSS assessment Transactions
assessment. opening/closing will be done on or
head of ROB.
will be done by PDEx done by POEX / PDS
/ PDS Group. Group
before 6:00 a.m. by BSp-pSO.

NRoSS will open if

there is flxed income
trading.
 STANDARD OPERATING PROCEDURES FOR PHILIPPINE HOLIDAYS
Appendix 88rQ-49

Bangko Sentral ng Pilipinas

l-inancial Martet operations sub-sector
Tradinq and Settlement PU rU EQ Uepository
Type of Holiday Cash Dept Reserve
Regional Offices BTr / BAP / MART / PDTC Fl Depository
Ovemight PhilPaSS PCHC
and Branches PDS DVP
Withdrawal Position
ODF OLF TDF RRP USD/PHP (RoBs) PSSC PVP
Facility

Affected ROBs
Under good will close for
,veather Open Open Open Reserve ocalized holidays, Open Open Normal
:onditions other ROBs will
oe open.

c. announced on a Saturday or Open if FMOSS is

Sunday to take effect the Closed on the first day, but opening on open
following Monday or on a non- the second and succeeding days will be
working holiday to take effect the All FMOSS facilities will be closed for the first two based on assessment by BSPJMT. ROBs will be open if Announcement of
oays. Closed for the
next business daylsuspension is holiday is tor Mefo USD/PHP spot
first two days Manila mly. lf Open if FMOSS is
localiz€d (e.9. Araw nq Mavnila. lf PhdPaSS opens, it will b€ br InslaPav trading will be done
SONA, Quezon City Day, APEC, Under Upening on lhe third and succeeding days will be only. Settlement br all other PhlPaSS Non-reserve holiday is localized, open
the third and by BAP. Ooen if BSP PhITPASS
Papal Visit, etc.) based on BSP-IMT's favorable assessment transactions (including GS trading, FX only afiec{ed ROBS
unfavorable day when will oDen to settle Checks
which can be released as early as 6:00 a.m. trading) will not b€ availabl€. Settlement
succeeding will be closed. ROB Announcement of Fl
conditions FMOSS is Announcement of and PESONeI
days will be will open afltr Settlement will be
of all other PhlrPaSS transactions will be closed. fix6d income trading Transactions
assessment of
Announcemenl of FMOSS operations will be available when FMOSS and Cash open. based on BSP- will be don€ by PDEx
done by PDEx / PDS
IMT's favorable conditims and
done by BSP-FMOSS immediately after said Group.
assessment. Hommendatim of / PDS Group.
assessment. Announcement of PtrlflPaSS head of ROB.
openingy'closirE will be done on or bebre
NRoSS will open if
6:00 a.m. by BSP-PSO.
there is fixed income
trading.

3ause of
roliday will
tlOT require Open Open Open Reserve Open Open Open Normal
tvacuation

Open if FMOSS is
open

d. announced after 9:00 a.m. on

Announcement of
the date of effectivity and BSP USD/PHP spot
operations have already startec Cause of Assess situation and if possible, retain a skeleton force and Open if FMOSS is
holiday will trading will be done
implement e)dended end of day protocol. Affected ROBS open
require Non-reserve by BAP. ODen if BSP P|,,/PASS
will close for
evacuation day when will open to settle Checks
Announcement of FMOSS operations will be done by BSP-FMOSS. localized holidays, Announcement of Fl
(e.s. FMOSS is Announcement of and PESONeI
other ROBs will Settlement will be
earthquake, closed. lixed income trading Transactions
Announcement of PhrlPaSS opening/closing will be done by BSp-pSO oe open. done by PDEX / PDS
fire) will be done by PDEx
Group.
/ PDS Group.

NRoSS will open if

there is fixed income
trading.