The Bangko Sentral ng Pilipinas (BSP) has approved the latest round of rules to the peso-denominated real time gross settlement system (RTGS PS) or the PhilPaSSplus, after it was designated as a systemically important payment system (SIPS).
The Bangko Sentral ng Pilipinas has approved the latest round of rules to the peso-denominated real time gross settlement system or the PhilPaSSplus, after it was designated as a systemically important payment system .
Medalla also emphasized that by providing the settlement facility for the open market operation, the RTGS PS “plays an indispensable role in upholding public welfare, enabling the efficient and low-risk settlement of retail payments in central bank money.” The ManCom’s functions include the review of policy proposals and amendments to the operation of the payment system and to implement programs, policies, and procedures, to ensure that the operation of the RTGS PS aligns with global standards or best practices.
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