Reliable payments keep economies strong.

The BSP operates the Philippines’ core payment infrastructure and sets the regulatory framework to ensure speed, security, and trust in the movement of money — from large-value interbank settlements to everyday retail transactions.

 
 

Roles of BSP

The BSP performs the following roles in the payments and settlements system:

  1. Operator of the Peso Real Time Gross Settlement (RTGS) System known as the PhilPaSSplus
  2. Provider of credit facilities to banks as a lender of last resort
  3. Overseer of the payments and settlements system
  4. User of its own RTGS system
  5. Inititate changes/reforms for the payments system

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National Payment Systems Act (NPSA)

 

Republic Act No. 11127 provides the legal and regulatory framework for a safe and efficient payment system—key to managing systemic risk and supporting economic growth.

An effective payment system enables smooth fund transfers across banks and institutions, lowers transaction costs, supports monetary policy, and ensures financial market stability.

The NPSA empowers the BSP to supervise and regulate payment systems to promote stability and efficiency.



Payment System Oversight Framework (Circular No. 1089)
Application for Registration as Operator of Payment System (OPS) and/or Merchant Acquisition License (MAL)
List of OPS with Certificate of Registration (COR)
Draft Policy Exposure

Laws and Regulations

Laws and regulations related to the operation of the Peso real-time gross settlement (RTGS) payment system

List of Operators of Designated Payment Systems

 
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Principles for Financial Market Infrastructures (PFMIs)

 

The PFMIs were developed by the Bank for International Settlements (BIS) and International Organization of Securities Commissions (IOSCO) to strengthen key financial infrastructures.

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Frequently Asked Questions (FAQs)

   

Real Time Gross Settlement (RTGS) System: PhilPaSSplus

The PhilPaSSplus is the lone Peso Real-Time Gross Settlement (RTGS) system in the Philippines, owned and operated by the Bangko Sentral ng Pilipinas (BSP) in accordance with its authority under the National Payment Systems Act. An RTGS system provides instant settlement of payments, transfer instructions, or other obligations individually on a transaction-by-transaction basis. Read more...

The PhilPaSSplus Primer (PDF, PPSX)

What is PhilPaSSplus ? (YouTube)

List of PhilPaSSplus Direct Participants


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PhilPaSSplus Statistics


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Fee Structure


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Schedule of the Peso Real-Time Gross Settlements


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Application Requirements

(For Participants with Settlement Accounts, such as banks, non-bank financial institutions with quasi-banking functions, and non-bank electronic money issuers)
 
General requirements  
Additional requirements  
Mode of Submission (choose one)
  • Submission of original copies of application documents to:

    The Director
    Payments and Settlements Department (PSD)
    Room 101, 5-Storey Building
    Bangko Sentral ng Pilipinas
    A. Mabini Street, Malate, 1004 Manila

  • Electronic submission of scanned copies of application documents

    • accompanied by a duly accomplished Summary Statement Form (SSF) and each page of application documents, including the SSF, must be certified by the applicant’s authorized officer
    • emailed with a subject in this format: <Application> underscore<RTGSPS> underscore<Applicant’s Acronym> underscore<type of submission>
    • sent by a registered email sender to the Director, PSD at RTGS@bsp.gov.ph
 

Link 1: Annex 1 of the Peso RTGS Rules - Participation Requirements and Procedure

National Retail Payment System (NRPS)

The NRPS is a policy and regulatory framework that guides BSP-supervised institutions in developing a safe, efficient, and reliable retail payment system through high-level policies and standards.

It promotes safety (secure transactions), reliability (resilient operations), and efficiency (speed, convenience, affordability). A key goal is to boost electronic retail payments—from 1% in 2013 to 20% by 2020.

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