China Bank raises ATM withdrawal limit to P50K for easy cash access during COVID-19 lockdown

ABS-CBN News

Posted at Apr 01 2020 05:29 PM | Updated as of Apr 01 2020 06:05 PM

MANILA - China Bank on Wednesday said it has increased the withdrawal limit for automated teller machines (ATMs) to provide easy access to cash during the COVID-19 lockdown. 

Starting April 1, the bank's daily ATM withdrawal limit is P50,000, more than twice the usual ceiling of P20,000, until the enhanced community quarantine is lifted, the bank said in a statement.

Withdrawal fees at any of the 1,013 ATMs of China Bank and China Bank Savings were also waived for account holders, it said.

The entire island of Luzon, home to roughly half of the country's 100 million population, is under lockdown until April 12 to contain the spread of COVID-19. 

Major Philippine banks continue to operate under skeletal workforces to ensure continued service to the public. 

All lenders and financial institutions in the county were ordered to give a 30-day grace period for all types of loans during the period under the implementing rules of the Bayanihan to Heal as One Act, a new law enacted to address the COVID-19 pandemic. 

Several banks earlier extended the grace period for loan payments with due dates that fall within the quarantine period.