Thursday, November 09, 2006 OFWs, families to suffer if banks close for holiday
SERIOUS untoward situations could occur if banks are not allowed to operate during the Association of Southeast Asian Nations (Asean) Leaders’ Summit on Dec. 11 to 14, a local banker said.
Prudencio Gesta, former president of Cebu Bankers Club (CBC) and vice president of Rizal Commercial Banking Corp., said business establishments and individuals, especially those relying on the remittances of relatives overseas, need the services of banks.
“The absence of bank services for a week will result in many negative consequences. The most serious of which is the risk on the security of business establishments or businessmen hoarding their cash because they can’t deposit these in banks,” he told Sun.Star Cebu.
Philippine Exporters’ Confederation Inc. (Philexport) Cebu president Allan Suarez, on the other hand, said the group is confident that President Arroyo will grant exporters’ request for exemption from the holiday.
“Dili gyud pwede for exporters to have the holiday. The security and traffic problems are (concerns of the government) not ours,” he said.
He added that non-exporting companies also want exemption from the holiday declaration.
The Cebu Bankers’ Club and Philexport Cebu have sought exemption from the holiday. The Mandaue Chamber of Commerce and Industry (MCCI) have also requested for exemption.
But MCCI president Eric Mendoza said the group is pushing for exemption in behalf of its exporter-members, which make up 40 percent of the chamber’s total membership.
Gesta said, though, that banks have nothing to lose if they join the holiday.
“We will not even incur expenses. But we would really like to serve the needs of our clients,” he said.
Remittances of OFWs, especially those without automated teller machine (ATM) accounts, would also be stranded in the bank.
“Many Cebuanos rely on the regular remittances of their relatives,” Gesta said. “People who issue post-dated checks will also be in trouble, as they won’t be able to deposit the required cash in their accounts.”
The Cebu Bankers’ Club, in a resolution, asked President Arroyo to allow bank branches that are not located in areas where the summit will be held to operate even half day from Dec. 1 to 14.
“We are hoping that our request will be acted upon,” Gesta said.
Suarez said Philexport Cebu’s request is still pending approval.
“Many organizations are now joining our appeal,” he said.
Suarez said the export industry stands to lose around P2 million daily or a total of P8 million during the entire holiday. (JBN)
