QAU Memo No. 15, s2021 : Enhancements to the BSP Operational Relief Measures

MEMORANDUM M-2021-029 Enhancements to the BSP Operational Relief Measures

In light of the ongoing Corona Virus Disease (COVID-19) situation, the BSP approved the amendments to the BSP operational relief measures on 29 April 2021.

  • The deadline for the annual submission of the 2020 AFS of BSP-Supervised Financial Institutions (BSFIs) for the 2020 audited financial statements of banks and other financial institutions has been extended by two months to June 30, 2021 from April 30 initially.
  • Provisions of BSP Memorandum No. M-2020-011 were amended as follows:

The validity of other relief measures has been extended until December 31, 2021.          This includes:

ü  the relaxed notification requirements for changes in banking days and hours, and temporary closure of bank branch/branch-lite units and BSFI offices/service units, including their head office;

ü  eased of customer identification requirements; and

ü  waived the fees for applications on license or authority to provide electronic payments and financial services.

a)      For Bank Branch/Branch-Lite or NSSLA Service Unit, temporary closure of office from March 2020 to 31 December 2021 shall not be subject to the notification requirements under Section 105 of the MORB. Provided, that information on the closure shall be posted on the bank’s/NSSLA’s website or social media accounts or displayed in conspicuous places in the premises of the affected bank branch/branch-lite or NSSLA service unit, if the latter requirement is practicable.

b)      For Other BSFI Head Office/Offices/Units, temporary closure of other BSFI head office/offices/units from March 2020 to 31 December 2021 shall be subject to the posting of information on the closure on the BSFI’s website/social media account or in conspicuous places in the premises of the affected BSFI head office/office/unit, if the latter requirement is practicable.


A BSFI is required to submit a consolidated report on the bank head office/branches/branch-lite-units or BSFI head office/offices/service units that were temporarily closed to the appropriate supervising department of the BSP in accordance with the following submission timelines:

ü  Temporary closures from March 2020 to March 2021 - on or before March 31, 2021, and

ü  Temporary closures from 01 April 2021 to 31 December 2021 – on or before March 31, 2022.

BSFIs are required to submit a report on the offices and branches that have been temporarily closed and to update on the status of the possible re-opening of the establishments.

  • BSP Memorandum No. M-2020-015 is further amended by extending the effectivity of the Relief Measure on Customer Identification from June 30, 2020 to December 31, 2021. The period of applicability may be extended depending on the developments of the COVID-19 situation.
  • Memorandum No. M-2020-033 is also amended by waiving the filing, processing, and licensing/registration fees related to application of BSFIs for EPFS until
    December 31, 2021.
  • The prior BSP approval requirement for requests for extension of the deadline to open approved bank branches/BLUs under Section 105 of the Manual of Regulations for Banks, as amended by Circular No. 1031 dated February 7, 2019, is waived. A bank which opts to avail of the said relief must notify its supervising department of the deferment of the opening of its approved branches/BLU, provided that the deferment shall not exceed three (3) years from the date of BSP approval of the establishment of subject branch/BLU.





·         Memorandum No. M-2020-015 Relief Measure on Customer Identification to Manage the Corona Virus Disease 2019 (COVID 19) Situation

·         Memorandum No. M-2020-033 Waiver of Fees Related to the Grant of License or Authority to Provide Types A and B Advanced Electronic Payments and Financial Services (EPFS) as Additional Relief for BSP Supervised Financial Institutions (BSFIs)


QAU Memo is the official publication of R.S. Bernaldo & Associates to keep the Firm’s professional staff informed of the issues affecting the practice.  The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.  Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.  No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.  

The Firm cannot be held liable for any losses suffered as a result of reliance upon information contained in this memo. 

This is a property of R.S. Bernaldo & Associates.  Reproduction of any material included in the memo should be subject to the approval of the Editorial Board.

R.S. Bernaldo & Associates is a member firm of the PKF International Limited family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms.

Comments and suggestions are welcome.

Editorial Board 
  • Rose Angeli S. Bernaldo

Partner | Quality and Compliance/ Training Partner

rose [dot] bernaldo [at] rsbernaldo [dot] com


  • Anthony D. Paño

Senior Quality Assurance Manager

anthony [dot] pano [at] rsbernaldo [dot] com


  • Mary Rose A. Lorilla

Assistant Quality Assurance Manager/ Quality Assurance Leader

rose [dot] lorilla [at] rsbernaldo [dot] com


  • Charmaine S. de Guzman

Senior Quality Assurance Associate

       charmaine [dot] deguzman [at] rsbernaldo [dot] com


  • Baby Joy A. Bautista

Quality Assurance Associate/

Ethics Leader

babyjoy [dot] bautista [at] rsbernaldo [dot] com


  • Sandae E. Dela Torre

Quality Assurance Associate/

Engagement Quality Control Review Leader

sandae [dot] delatorre [at] rsbernaldo [dot] com


  • Janna J. Pacis

Quality Assurance Associate/

Learning and Training Leader

janna [dot] pacis [at] rsbernaldo [dot] com


  • Yves Michael O. Anadon

Quality Assurance Associate/

Consultation Leader

          yvesmichael [dot] anadon [at] rsbernaldo [dot] com