MSSpotlight: A future-ready Philippines: Digital, Sustainable, Inclusive The BSP’s journey toward financial digitalization
The Bangko Sentral ng Pilipinas celebrates its 30th anniversary with significant milestones in the country’s payments and settlements system. With an enabling regulatory environment that leverages technology, the system has made payments and fund transfers efficient, fast, and safe for Filipinos.
Besides keeping prices stable, supervising banks, and maintaining the stability of the entire financial system, another crucial role of the BSP is overseeing the country’s payments and settlements system. In 2002, the BSP, through its Payments and Settlements Office, operationalized the Philippine Payment and Settlement System . PhilPaSS is a real-time gross settlement system for the processing and settlement of high-value payment transactions of commercial and rural banks. In the succeeding years, other institutions, such as investment houses, thrift banks, and financing companies, joined the roster of commercial and rural banks that enjoy the benefits of interbank and interdealer transactions.
While the BSP has supervised the country’s payments and settlements system for years, additional regulatory powers were given to the BSP with the enactment of the National Payments and Systems Act in 2018. The act mandated the BSP to oversee payment systems in the country and exercise supervisory powers for the purpose of ensuring the stability and effectiveness of the monetary and financial system.
Another example is the creation of digital payment streams EGov Pay and QR Ph. The EGov Pay is an electronic payment facility that allows individuals and businesses to digitally pay taxes, licenses, permits, and other obligations to the government. QR Ph, the national QR code standard, provides an interoperable platform that allows QR-enabled fund transfers even if the sender and the recipient have accounts from different banks or e-wallets.
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