No shortage of cash in Cebu, banking community assures public 

Banks asked to adopt daylight-saving to cater to more clients

By: Morexette Marie B. Erram - CDN Digital | December 22,2021 - 02:10 PM

Capitol officials meet with banking executives from the Cebu Bankers Club on Wednesday, December 22, 2021, to further discuss response needed to address the crisis spawned by Typhoon Odette (international name: Rai). CDN Digital photo | Morexette Marie B. Erram

CEBU CITY, Philippines—The banking community here assured the public that Cebu has enough cash amid throngs of people lining at Automated Teller Machines (ATMs).

But to address the long queues of individuals wanting to get cash, the Cebu Provincial Government has asked banks to adopt daylight-saving in order to implement full-banking hours.

The Capitol met with banking executives from the Cebu Bankers Club (CBC) on Wednesday, Dec. 22, to further discuss response needed to address the crisis spawned by Typhoon Odette (international name: Rai). 

Also present in the meeting were oil companies, energy suppliers and distributors, contractors, telecommunication firms, and government regulators. 

Governor Gwendolyn Garcia requested banks in Cebu to open an hour earlier, through adopting daylight-savings time, if it meant lessening the crowd lining in front of their ATMs to withdraw cash. 

During the meeting, Romeo Comabig, president of CBC, said they have shortened their banking hours to give their employees time to go home safely. 

In turn, Garcia asked banking executives to do daylight savings. 

“Can you do daylight savings time? So you can ask your employees to report an hour earlier… Kung pwede i-open by eight o’click, bisag karun lang. The more you shorten it, the more mag backlog ang mga transactions,” explained the governor. 

Meanwhile, Comabig assured the public that Cebu has enough cash but without stable power, they cannot fully operate their banks. 

“The problems with the banks right now – our ATMs are not functioning well because we don’t have power. So, we rely on the diesel and gasoline to power up for our gensets (generator sets and) so we can up our ATMs,” Comabig said.

“But we can assure everybody that there is no shortage of cash in Cebu. That is the assurance coming from the Bangko Sentral ng Pilipinas (BSP),” he added. 

The Capitol has also extended help to banking firms by offering an ‘order-now-pay-later’ plan in purchasing fuel for their generator machines. 

In this arrangement, diesel fuel will be provided to banks by placing their delivery order along with those of the provincial government. 

/bmjo

READ MORE: NGCP: Cebu has power, distribution up to Visayas Electric

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TAGS: cash shortage, Cebu Bankers Club, Cebu banking community, Governor Gwendolyn Garcia, Romeo Comabig

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