The

Philippine
Payment and
Settlement
System

May 2019

Payments and Settlements Office

+63 2 400 7024 / 400 7071
PhilPaSS_Helpdesk@bsp.gov.ph
HISTORY
THE EVOLUTION TO A MODERN
PAYMENT AND SETTLEMENT SYSTEM
“
Addressing challenges of
the times and meeting
Under Republic Act No. 7653 (The New Central Bank Act) approved in
1993, the central bank established facilities for interbank clearing with global standards

”
deposit reserves maintained by banks in the BSP used as the basis for
the clearing of checks & the settlement of balances.

Payment instructions were physically delivered by banks to the then

Deposit Liabilities & Reconciliation Division (DLRD) of BSP’s Accounting
Department which settled transactions at designated time periods.

To address risks & improve processing time that can be made from a
manual system, procedures to transmit payment instructions
electronically were developed beginning 1997. This included the BSP-
Electronic Fund Transfer Instruction System (EFTIS) wherein Authorized
Agent Banks send electronic fund transfer (EFT) instructions to the BSP
covering revenue collections for the Bureau of Internal Revenue & the
Bureau of Customs, for credit to the account of Bureau the of Treasury
(BTr). The Philippine Clearing House Corporation (PCHC) Multi-
Transaction Interbank Payment System (MIPS) was established in year
2000 for interbank lending and borrowing, and the Philippine Domestic
Dollar Transfer System for moving US dollars across banks, & several
other payments systems.

EFTs were generally sent through a clearing unit (e.g., PCHC or the PDS
Settlement Highway) & were thereafter electronically transmitted to the
BSP for settlement by batch at designated time periods. The handling of
payment instructions was transferred from the DLRD to the Demand
Deposit Account – Real-Time Gross Settlement unit (DDA-RTGS) of the
BSP Accounting Department. Banks electronically received updates on
the balances of their DDAs at certain time periods (e.g., on an hourly
basis).

As the financial system became more integrated, sophisticated & more

complex, payments & settlements systems became more exposed to
risks.

International-setting bodies have agreed that an RTGS is a powerful

payments infrastructure that can limit risks particularly for large-value
transactions as it provides timely & final settlement of time-critical
payments on a continuous basis, thus enhancing the integrity of financial
transactions & ultimately furthering economic development.

In November 2002, the BSP launched the Phase 1 of the Philippine

Payments and Settlements System, otherwise known as PhilPaSS,
initially covering only interbank lending and borrowing transactions. In
December 2002, PhilPaSS was fully implemented by the DDA-RTGS unit.
Such system clears & settles on a per transaction basis (rather than by
batch), real-time (vs. deferred), & on a gross basis (rather than on a net
basis), with finality & irrevocability. To economize on the use of central
bank money, PhilPaSS also integrated a deferred netting system or DNS
which provides frequent netting of payments within the day for bulk
transactions that are not time-sensitive. Further, participants are given a
system to enable them to send EFT instructions directly to the BSP and
to access their accounts/ records on-line & anytime during the business
day.

In November 2004, the Accounting Department was expanded to become

the Comptrollership Sub-Sector. To provide a better check-and-balance
system, the Monetary Board converted the DDA-RTGS unit in June 2006
(then under the Comptrollership Sub-Sector) to become the Payments &
Settlements Office (PSO). The PSO acts as the operator of PhilPaSS &
reported directly to the Office of the Deputy Governor of the Corporate
Services Sector (ODG-CSS).

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 SYSTEM FEATURES
PAYMENT QUEUING PRIORITIZATION
GRIDLOCK RESOLUTION
TRANSACTION VALIDATION
SYSTEM REPORT
AUDIT TRAIL
TRANSACTION STATUS VALIDATION
SYSTEM INQUIRIES
PhilPaSS is designed to achieve real-time &
uninterruptible settlement of financial transactions.
Upon receipt of EFTs, PhilPaSS settles these on a per
transaction basis, subject to the availability of funds in
the participant’s DDA, with finality & irrevocability. Any
requirement to return funds shall be requested by the
participant from its counterparty. Debit instructions
that cannot be settled due to insufficient funds will be
held on queue until adequate funds in the DDA
become available. Pending debit instructions on
queue will be settled based on business priorities as
indicated by the participant or on First-in-First-Out
basis. Whenever 2 or more payment instructions
remain unsettled, the system shall initiate a gridlock
resolution every 30 minutes. Any remaining queued
transactions shall automatically be rejected by the
System after the PhilPaSS window closes at 5:45 pm.
The PhilPaSS has validation features to avoid
duplication of the processing of transactions. These
include transaction reference numbers, message
types, value dates, & the participant’s Bank Identifier
Code.
Instructions that cannot be settled due to
insufficient funds are held on queue until funds
are made available
The system initiates a gridlock resolution
whenever 2 or more instructions remain
unsettled
Payment instructions are subject to validation
Participants may generate reports such as their
SOAs, billings, & CWT
The system maintains audit records
Participants are able to verify the settlement
status of their transactions
Participants are able to send inquiries &/or
requests through the system
For the convenience of participants, they are able to:
1) generate reports such as their DDA - Statements of
Accounts (SOAs), billings, Creditable Withholding Tax,
2) access their past SOAs up to two (2) months
maintained by the System, 3) verify the status of their
payment instructions, & 4) send inquiries/ requests
through the System.
Payment instructions may have any of the following
status: Ready (payment had been on payment queue),
Warehoused (payment is received & the value date is
greater than the current value date with warehousing
allowed up to 4 calendar days), Rejected (invalid such
as back-valued transactions, duplicate payment
instructions, incomplete bank identifier code, invalid
payment instruction format), or Settled (transactions
that are fully accepted, processed, & settled by the
System). Participants may cancel unsettled/ queued
payment instructions, and request details such as
balances &/ or movements of their accounts & of
debit/ credit entries to their accounts, and/ or request
to relay messages to counterparties.
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THE ROLE OF
THE BSP COMPLIANCE WITH
INTERNATIONAL STANDARDS

 The PSO continually ensures compliance of PhilPaSS

with international standards. In 2005, the International
Monetary Fund published a report of its assessment
on the observance of PhilPaSS with international

1
The BSP, through the
PSO, operates the
country’s real-time
gross settlement system,
facilitating time-critical
payments and thus
promoting economic
activity and financial
stability
Under its Vision and Mission, the PSO is committed to
provide and maintain a robust payment system that
will ensure the mitigation of payments-related risks
capable of triggering systemic impact on the financial
system, institutions, and individuals. The PSO resolves
to (a) ensure strict compliance with rules and
regulations covering the operations of PhilPaSS; (b)
implement adequate and effective PhilPaSS business
continuity management measures; (c) observance of
international standards on payments and settlement;
and (d) continuous advancement of payments
processes and procedures to benefit the stakeholders
and the economy as a whole.
standards and codes on payments systems. In 2007,
a self-assessment was made on the compliance with
the 10 Core Principles for Systemically Important
Payment Systems established by the Committee on
Payment and Settlement Systems. In 2014, a 3rd party
assessment was also conducted under a technical
assistance of the Asian Development Bank against
the Principles for Financial Market Infrastructures
(PFMI) jointly issued by the Committee on Payments
and Market Infrastructures (CPMI) and the
International Organization of Securities Commissions
(IOSCO) in 2012. The PFMI replaced the 10 Core
Principles and was designed to ensure safer and
more efficient financial market infrastructures that
can withstand financial shocks. Self-assessments are
also performed annually.
 ISO 9001 is an internationally recognized quality
management standard which specifies Quality
Management System (QMS) requirements focused on
an organization’s ability to meet and improve upon
consumer satisfaction and quality requirements. The
TUV SUD PASB Philippines, the country’s leading
multinational certification inspection body, awarded
the Certification of Audit on the PhilPaSS & its critical
components in 2012 and has annually renewed its
certification since then.
 Additionally, the Monetary Board approved the
submission of the 2018 SWIFT Security Attestation
Report. The report indicated BSP’s compliance with
the security controls required under the SWIFT
Customer Security Controls Framework 1.0.

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CONTRIBUTING TO ECONOMIC
DEVELOPMENT
2018
The BSP endeavors to have a more integrated
payments and settlement system to allow for more and
more financial transactions to be secured and
completed on a timely manner, thereby enhancing the InstaPay
integrity of transactions and furthering economic 2008
development.
2017
GS- Tertiary, Supervisory
Integrating more payment systems to Fees, Interbank Repo, ILF,
ensure the integrity of more financial cFAS, BSP Deposits
transactions, institutions, and markets PESONet
2007
2015
The system started off with only interbank transactions
of commercial and thrift banks. In succeeding years,
interbank transactions of other institutions were
E-Rediscounting
incorporated – investment houses/ non-bank financial RRP Placements,
institutions in 2003, and rural banks and financing Checkless payments
companies in year 2009. Payment instructions for 2006 (BSP – Regional)
checks and peso trades (clearing done through the
PCHC), ATM transactions through MegaLink and 2013
BancNet, and interbank and interdealer repo
transactions (through the Settlement Highway of the Bank (HO) Withdrawals,
Philippine Dealing System, PDS) were soon thereafter RP/RRP/SDA
enrolled and are thus now transmitted directly by these Bank (Regional)
institutions to PhilPaSS and effected in the DDAs of the 2004 withdrawals
counterparts immediately. Participation also of other
3rd party entities such as the Philippine Dealing 2012
Exchange System for foreign exchange transactions
and the BTr for government securities (GS) now allows EFTIS (until 2014)
for compliance with international standards such as GS - Secondary
ATM (BancNet), Checkless
Payment versus Payment and Delivery vs. Payment.
payments (BSP HO & SPC),
Pursuant to the National Retail Payment System
Framework, the PESONet and InstaPay were 2003 FX loan application fees
implemented as automated clearing houses (ACHs)
last November 2017 and April 2018, respectively, with 2010
their transactions settled through PhilPaSS. Checks,
ATM (MegaLink),
Other transactions affecting the DDAs of financial USD Trades OF Remittances
institutions (FIs) were likewise incorporated in (until 30 June 2018)
PhilPaSS such as deposits and withdrawals of banks 2002
from the BSP Cash Department, annual supervisory
fees collected by BSP’s Financial Supervision Sector,
deposits of maturing loan obligations with the BSP Interbank and
Department of Loans & Credit, settlement of BIR and BOC Revenue
investments in BSP’s short-term liability products,
Collections
processing fees collected by the International
Operations Department for FIs online submission of
application for approval/registration of foreign/ foreign
currency denominated units, loans, and financial
transactions of the BSP (Head Office, Security Plant
Complex & Regional/Branch Offices).

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 STATISTICS

173
DIRECT PARTICIPANTS

7k
AVERAGE DAILY
TRANSACTION VOLUME

1.1tr
AVERAGE DAILY
TRANSACTION VALUE

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 VOLUME & VALUE
AVERAGE VOLUME OF
TRANSACTIONS IN A DAY
173 AVERAGE VALUE OF
TRANSACTIONS IN A DAY
(IN THOUSANDS) (IN TRILLIONS PHP)
7 1.4
6
1.04 1.1
4
1 0.35

2003-2007 2008-2012 2013-2017 2018 2003-2007 2008-2012 2013-2017 2018

In the first 5 years of PhilPaSS, the system processed only about 1,000 transactions on average in a day, valued at Php 35 billion per day. In the
succeeding 5 years (2013 to 2017), the average number of transactions in a day counted already to about 6,000, valued at Php 1.4 trillion in a day.
In 2018, the total volume of transactions counted 1.7 million (or an average of 7 thousand per day) and total volume amounted to Php 263.8
trillion (or an average of Php 1.1 trillion per day).

DIRECT PARTICIPANTS
OTHERS 2%
As of May 2019, there
are 41 universal and
commercial banks
(UB/KB), 3 specialized
government banks
(SGB), 38 thrift banks UB/KB
(TB), 78 rural banks (RB),
9 non-banks with quasi-
24%
banking functions, and 4
BSP units and external
institutions participating
in PhilPaSS.
RB
45%
These institutions and/
or units initiate payment
instructions to PhilPaSS.
TB
22%

NBQB SGB
5% 2%

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 SYSTEM COMPONENTS
AND PARTICIPANTS

DIRECT PARTICIPANTS
Participants to PhilPaSS transmit payment instructions through the Society for Worldwide Interbank Financial
Telecommunication (SWIFT) Network. Non-SWIFT participants, however, connect to PhilPaSS through the dial-up
Philippine Payment System - Front-End System (PPS-FES). In 2012, the BSP replaced the PPS-FES with the PPB, a
state-of-the-art web-based interactive facility, to address the inefficiencies of a dial-up system and thus provide a
level playing field for the SWIFT & non-SWIFT users. In addition, the PPB provides a contingency arrangement for
SWIFT users should the SWIFT network be unavailable.

SWIFT PPB

3RD PARTY BSP SYSTEMS

SYSTEMS Other BSP Internal Systems that
PhilPaSS interface with PhilPaSS for the
settlement of other DDA related
transactions are the following:

System Provider cFAS Central Financial Accounting System

ATM Networks FLAReS Foreign Loan Approval and Registration System

BancNet
InstaPay IRIS Integrated Regional Information System
PESONet
PCHC COCAS Currency Operations and Cash Administration System
Check Clearing
MOS Monetary Operations Systems
GS Trades/ eDvP/ Repo BTr

FX Trades PDS Group eRED E-rediscounting

SFCS Supervisory Fees Collection System

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2
The BSP manages the
risks associated with
PhilPaSS
The BSP manages the risks associated with PhilPaSS by:

a) acting as the lender of last resort to participants

b) supervising and examining the information

technology systems of financial institutions and
payment systems, and

c) initiating reforms to ensure the development and

maturity according to global standards of payment
systems.

The BSP ensures that measures are in place to monitor

and mitigate risks arising from PhilPaSS such as credit,
liquidity, legal, operational, settlement, and systemic
risks.

Credit, liquidity and settlement risks are minimized

with transactions in PhilPaSS settled on a gross/ trade-
for-trade basis, with finality, and subject to the
availability of funds of participants, and with PhilPaSS
queuing and gridlock mechanisms in place. Various
liquidity tools such as the Intraday Liquidity Facility,
Overdraft Credit Line and Overnight Repo are also
made available should participants need to augment
their intraday funds. For security, the system requires a
2-layer factor authorization – the use of a password
and a Smart Card by the approving officer of the
member institution. To guarantee continuity of
operations, PhilPaSS can be operated in alternate sites
whenever necessary. Participants and industry
associations are also enjoined to ensure the safety of
their procedures, business continuity measures, and
compliance of participants with agreements.

Risks associated with PhilPaSS are reviewed regularly

under BSP’s Enterprise Risk Management Framework.
The status of action plans are regularly monitored to
ensure that potential risk events are observed and
effectively mitigated.

3
The BSP oversees the
payment system in
the Philippines
Under Republic Act 11127 (An Act Providing for the
Regulation and Supervision of Payment Systems
enacted into law last 30 October 2018), the BSP shall
oversee the payment systems in the Philippines,
including the PhilPaSS, for the purpose of ensuring the
stability and effectiveness of the monetary and
financial system.

Consistent with international best practices, RA 11127

provides the legal basis for the BSP to own and
operate the country’s payment and settlement system.

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NPSA
highlights
AUTHORITY AND POWER OF BSP
Issue rules and regulations governing the standard of
operation and conduct of examination of participants
to PhilPaSS; issue directives and orders to any
participant to PhilPaSS when necessary to ensure the
safety, efficiency, or reliability of a payment system for
it is in the interest of the public to do so; and require
participants to PhilPaSS to submit reports on their
operations and provide information for statistical,
policy development, supervisory and regulatory
purposes.

COORDINATION
Required coordination with other government agencies
and foreign regulators to avoid gaps, inefficiencies,
duplications and inconsistencies in their respective
regulation of other systems related to or
interconnected with PhilPaSS.

FINALITY OF SETTLEMENT
Finality of settlement in which settlement effected in
accordance with the agreed procedures of PhilPaSS
shall be final and irrevocable and shall not be subject
to reversal for any reason whatsoever. Provided, that if
it is shown and established that any fund so paid and
transferred was not legally due, the settlement shall
remain and such amount shall constitute a new
monetary obligation owed by the payee to the person
who caused the payment.

NOTICE BY PARTICIPANTS
That participants shall notify the BSP in writing upon
the issuance of a stay order or the declaration of
insolvency, bankruptcy, rehabilitation or placement
under receivership or liquidation of the participant on
the day of the receipt of the order or resolution issued
by the court of quasi-judicial agency.

NETTING
When PhilPaSS receives from the participant a notice
pursuant to the provision stated above, the PSO may
effect the netting of all payment orders received before
such notice in accordance with the agreed procedures
of the payment.

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A ROADMAP
TOWARDS A
NEXT GENERATION
PAYMENT AND
SETTLEMENT
SYSTEM Under its Strategy Map for the years
2018 – 2023, the BSP is working on
various initiatives to provide a more
robust payments and settlement
infrastructure to cater to the fast
increasing requirements of the industry
and to further support the goal in
making the country’s payments and
settlement system more inclusive and
more interoperable, not only
domestically but even globally.

Early on in 2018, the PSO began the

steps to enhance the country’s RTGS to
further improve its capabilitieas and
address technical problems
experienced in the past 16 years.
Among the many features of the new
next-generation RTGS – to be named
PhilPaSSplus – is the adoption of the
ISO 20022 international message
standards to facilitate communication
interoperability with domestic and
international retail payment systems.
The PhilPaSSplus is targeted to be fully
implemented by the 1st quarter of year
2021. To address challenges and
ensure that the adoption of the
international message standards
within the Philippine financial industry
is within timelines and in synch with
the modernization of the country’s
RTGS, a Task Force for ISO 20022,
aptly represented by both the BSP and
stakeholders of PhilPaSS was
established. A formal announcement
was made through BSP Memorandum
No. 2019-002 dated 23 January 2019
to signal to the industry the need to
align activities toward the adoption of
ISO 20022 in their respective systems
and infrastructure before the target
implementation of the new RTGS.

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 KEEPING ABREAST WITH REGIONAL AND GLOBAL
STANDARDS AND DEVELOPMENTS
THE ROLE OF
THE BSP
One of the strategic measures stated in the
ASEAN Economic Community Blueprint
2025 to achieve a highly integrated and
cohesive economy is to further enhance
the payment and settlement systems in the
ASEAN region. The ASEAN Working
Committee on Payment and Settlement
Systems (WC-PSS) is tasked to lead these
initiatives ultimately to provide an enabling
environment that shall promote regional
linkages and payment systems that are
safe, efficient, and competitive. The WC-
PSS designated the BSP and the Bank of
Lao as the new co-chairpersons from 2018
to 2020.
To provide a more proactive approach in
meeting the Committee’s goals, BSP
The BSP also actively participates in the
initiatives under the Executives Meeting
representatives drafted and presented to of East Asia and the Pacific – Working
the Committee an ASEAN Payments Group on Payment and Settlement
Policy Framework and a corresponding Systems (EMEAP-WGPSS). Such
Roadmap. The proposed vision under the participation provides the opportunity to
draft document is to provide individuals share BSP’s initiatives with other
and businesses in the ASEAN region, jurisdictions as well as for BSP to learn
safe and efficient means of making from international experiences
cross-border electronic retail payments in particularly on the development,
their respective local currencies. The oversight, and risk management systems
finalization of the Framework and in both the retail and large-value payment
Roadmap shall be pursued in 2019. and settlement systems.
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PAYMENTS AND
SETTLEMENTS
OFFICE Director

Administrative
Services

Customer Technical PERA

Operations
Services Services System
Unit
Unit Staff Admin Unit

PSO personnel perform their duties &

responsibilities based on the core
values of BSP employees – excellence,
dynamism, solidarity, integrity &
patriotism. The BSP believes that the
payment & settlement system is a very
dynamic field & thus places
importance to the continuing education
of personnel to ensure that they remain
abreast of latest industry trends.
International & local work development
interventions on the different FMIs, as
well as various managerial &
leadership courses, are thus provided
to personnel.

The PSO provides technical assistance

to BSP’s Digital Payments
Transformation Steering Committee
(DPTSC), formerly the Payments &
Settlement Steering Committee.
Among other things, the DPTSC
ensures the coordination &
consistency of the implementation of
major payments modernization
projects & develops the organization
for the formal oversight of the BSP
over payment systems. The PSO also
provides support to other BSP
initiatives such as the National Retail
Payment System & to the drafting of
legislative bills related to the payments
systems, among others.

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 PRICING STRUCTURE
Types of Fees Fees

A. Transaction Fees Transaction Value Fee per Transaction

1. Interbank (Debits) PhP 1.00 – 100.00 FREE

2. Peso-Leg of USD Trade Transactions 101.00 – 500,000.00 PhP 5.00

(Payment vs Payment)
500,001.00 – 1,000,000.00 PhP 10.00
3. Settlement of GS Trade Transactions Ad Valorem Fee
(Delivery vs Payment) BTr-GS/ FIE/ Equities 1,000,001.00 – 39,999,999.99 = Trans. Value x .00001
(rounded to the nearest Peso)
4. PCHC Transactions (Win/ Loss)
40,000,000.00 and above PhP400.00
5. ATM Network Transactions

6. Manual Processing of Interbank Transactions PhP1,000.00 + Ad Valorem Fee = TV x 0.00001

or PhP5,000.00, whichever is lower

B. Other Fees

1. Membership Fee FREE

2. Smart Card Kit (new/ renewal) PhP 1,200.00 per kit

3. Online Transaction Inquiries Via SWIFT - PhP100.00 per inquiry

Via PhilPaSS Participant Browser (PPB) – FREE

4. SOA Request (Printout) Via SWIFT - PhP100.00 per inquiry

Via PhilPaSS Participant Browser (PPB) – FREE

5. Third-Party Systems Monthly Access/

Connection Fee Primary Back-up
 PCHC
FREE FREE
 BancNet
 PSSC
 Bureau of the Treasury

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 SETTLEMENT TIMELINES
A N D C U T - O F F T I M E S (1/2)
PhilPaSS operates daily (Monday to Friday) from 9:00AM to 5:45PM.

Start Agency Activities Cut-off

Time Involved Time

Current Day (t+0)

09:00AM PCHC Regular check clearing and processing window 04:30PM

09:00AM Various Start of PhilPaSS business hours

Beginning balances generated for PhilPaSS-DDA

Regular window for same day interbank transactions
Posting/ Settlement of other DDA transactions (i.e. BTr and other Bangko Sentral
departments)

 Bank payment of OLF converted from ILF availed (t-0) 11:00AM

 Bangko Sentral ECWS transactions 01:00PM
 Cash deposits with Bangko Sentral Head Office and Regional Offices 02:00PM
 ATM transactions 04:00PM
 BTr-GS sale/ purchase via DvP - do -
 PCHC-EPCS results - do -
 PDS Settlement Highway for GS-eDvP - do -
 BSP-DLC Collection of OCL availed (value t-0) 05:00PM
 PDS Settlement Highway for USD sale/ purchase of Peso-leg) via PvP 05:45PM
 Interbank borrowing/ lending - do -
 E-Rediscounting - do -
 PESONet and InstaPay 05:45PM

09:00AM BTr Banks’ availment of ILF loan 10:00AM

10:01AM BSP-TD Grant/ Credit of ILF loan proceeds to bank’s DDA 05:00PM
Collection (on demand) of ILF loan availed 05:00PM

10:00AM BSP-TD Bangko Sentral Monetary Operations:

 TDF (bid submission at 9:30AM) 10:30AM
 Outright GS purchase and sale 05:00PM
 OLF/ Conversion of unpaid ILF to OLF 05:15PM
 ODF 05:30PM

10:00AM BSP-PSO PhilPaSS settlement cut-off of Bangko Sentral TDF, Outright GS purchase and sale/ 05:45PM
OLF/ ODF

04:30PM BSP-PSO Posting of PCHC ECCS results 04:45PM

04:30PM BSP-TD Bangko Sentral Money Operations – Overnight RRP 05:00PM

04:30PM BSP-PSO PhilPaSS settlement cut-off of Bangko Sentral Overnight RRP 05:45PM

04:45PM BSP-PSO Interbank window for end-of-day liquidity/ reserve position 05:45PM

06:00PM BSP-PSO PhilPaSS close of business -

06:00PM BSP-PSO Release of final copy of PhilPaSS DDA balance via MT950 (end-of-day DDA balance 06:30PM
before AM returns clearing)

Release of notice to PCHC of the amount available for settlement fo the bank’s
clearing losses, if greater than DDA

06:00PM PCHC Receipt of Bangko Sentral notice of the amount available for settlement of the 06:30PM
bank’s clearing losses, if greater than DDA

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 SETTLEMENT TIMELINES
A N D C U T - O F F T I M E S (2/2)
PhilPaSS operates daily (Monday to Friday) from 9:00AM to 5:45PM.

Start Agency Activities Cut-off

Time Involved Time

Next Day (t+1) – Normal Conditions

02:00AM PCHC Returned COCI receiving window 08:00AM

06:30AM BSP-PSO Posting/ settlement of previous day's billing before "open for business" 08:55AM

08:01AM BSP-PSO Posting/ settlement of PCHC AM returns (back value t+0) 08:15AM

08:16AM BSP-PSO Interbank trading and settlement window for losses in AM returns (back value t+0) 08:59AM
BSP-DLC Availment of OCL by Banks (back value t+0) 08:59AM
BSP-TD Bangko Sentral-OLF window for losses in AM returns (back value t+0) 08:45AM

08:16AM BSP-PSO PhilPaSS settlement cut-off of Bangko Sentral OLF (back value t+0) 08:59AM

09:00AM BSP-PSO DDA balances (t+0) available on demand via PhilPaSS Participant Browser (PPB) 09:00AM

09:00AM BSP-PSO PhilPaSS business hours (value t+1) 05:45PM

Next Day (t+1) – Abnormal Conditions

Extended End-of-Day Procedures

02:00AM PCHC Returned COCI receiving window 08:00AM

08:01AM BSP-PSO Posting/ settlement of PCHC AM returns (back value t+0) 08:15AM

08:16AM BSP-PSO Interbank trading and settlement window for losses in AM returns (back value t+0) 09:59AM
08:16AM BSP-DLC Availment of OCL by Banks (back value t+0) 09:59AM
BSP-TD Bangko Sentral Monetary Operations trading window on an extended EOD basis
(back value t+0)
 Overnight RRP (bid submission at 08:16AM) 09:30AM
 OLF 09:30AM
 ODF 09:30AM
 TDF 09:30AM

08:16AM BSP-PSO PhilPaSS settlement of Bangko Sentral OLF, ODF, TDF and RRP (back-value t+0) 09:59AM

10:00AM BSP-PSO DDA balances (t+0) available on demand via PhilPaSS Participant Browser (PPB) 10:00AM

10:01AM BSP-ITSS Housekeeping procedures 12:59PM

01:00PM BSP-PSO PhilPaSS business hours (value t+1) 05:45PM

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Payments and Settlements Office
+63 2 400 7024 / 400 7071
PhilPaSS_Helpdesk@bsp.gov.ph

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