The Bangko Sentral ng Pilipinas (BSP) has implemented emergency financial relief measures to help institutions and consumers weather economic strain caused by the ongoing Middle East oil crisis.
Under Monetary Board Resolution No. 296, approved on April 8, the central bank is allowing temporary deferments of loan payments and encouraging financial institutions to waive fees for digital fund transfers.
"These measures are designed to sustain lending activity and provide breathing room for both financial institutions and their customers during this challenging period," the BSP stated.
The temporary relief comes as rising oil prices driven by Middle East tensions create economic pressure across the Philippines, affecting businesses and households alike.
By facilitating loan payment deferrals and promoting fee-free digital transactions, the BSP aims to maintain financial stability while supporting economic activity through accessible banking services.