Pimentel called on the Executive Department to exclude the units involved in check clearing of BSP from work suspension orders, to ensure that check clearing operations would remain uninterrupted. “Because when check clearing operations are suspended, this disrupts the operations of many businesses who receive payments or must make payments,” he said. Another consequence of the suspension of check clearing operations, added Pimentel, is the suspension of the operations of the Philippine Stock Exchange and the country’s banks. However, check clearing, one of the critical BSP operations, was suspended on October 16. Pimentel said these government work stoppages, on top of the country’s numerous national and local holidays, were bad for business.

Source: The Standard November 01, 2017 13:52 UTC