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The Philippine
Payment and Settlement
System
Payments and Settlements Office+63 2 400 7024 / 400 7071
May 2019
HISTORYTHE EVOLUTION TO A MODERN PAYMENT AND SETTLEMENT SYSTEM
Addressing challenges of
the times and meeting
global standards
“
”Under Republic Act No. 7653 (The New Central Bank Act) approved in 1993, the central bank established facilities for interbank clearing with 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 PRIORITIZATIONInstructions that cannot be settled due to insufficient funds are held on queue until funds are made available
GRIDLOCK RESOLUTIONThe system initiates a gridlock resolution whenever 2 or more instructions remain unsettled
TRANSACTION VALIDATION Payment instructions are subject to validation
SYSTEM REPORTParticipants may generate reports such as their SOAs, billings, & CWT
AUDIT TRAIL The system maintains audit records
TRANSACTION STATUS VALIDATIONParticipants are able to verify the settlement status of their transactions
SYSTEM INQUIRIESParticipants are able to send inquiries &/or requests through the system
PhilPaSS is designed to achieve real-time &uninterruptible settlement of financial transactions.Upon receipt of EFTs, PhilPaSS settles these on a pertransaction basis, subject to the availability of funds inthe participant’s DDA, with finality & irrevocability. Anyrequirement to return funds shall be requested by theparticipant from its counterparty. Debit instructionsthat cannot be settled due to insufficient funds will beheld on queue until adequate funds in the DDAbecome available. Pending debit instructions onqueue will be settled based on business priorities asindicated by the participant or on First-in-First-Outbasis. Whenever 2 or more payment instructionsremain unsettled, the system shall initiate a gridlockresolution every 30 minutes. Any remaining queuedtransactions shall automatically be rejected by theSystem after the PhilPaSS window closes at 5:45 pm.
The PhilPaSS has validation features to avoidduplication of the processing of transactions. Theseinclude transaction reference numbers, messagetypes, value dates, & the participant’s Bank IdentifierCode.
For the convenience of participants, they are able to:1) generate reports such as their DDA - Statements ofAccounts (SOAs), billings, Creditable Withholding Tax,2) access their past SOAs up to two (2) monthsmaintained by the System, 3) verify the status of theirpayment instructions, & 4) send inquiries/ requeststhrough the System.
Payment instructions may have any of the followingstatus: Ready (payment had been on payment queue),Warehoused (payment is received & the value date isgreater than the current value date with warehousingallowed up to 4 calendar days), Rejected (invalid suchas back-valued transactions, duplicate paymentinstructions, incomplete bank identifier code, invalidpayment instruction format), or Settled (transactionsthat are fully accepted, processed, & settled by theSystem). Participants may cancel unsettled/ queuedpayment instructions, and request details such asbalances &/ or movements of their accounts & ofdebit/ credit entries to their accounts, and/ or requestto relay messages to counterparties.
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THE ROLE OFTHE BSP
Under its Vision and Mission, the PSO is committed toprovide and maintain a robust payment system thatwill ensure the mitigation of payments-related riskscapable of triggering systemic impact on the financialsystem, institutions, and individuals. The PSO resolvesto (a) ensure strict compliance with rules andregulations covering the operations of PhilPaSS; (b)implement adequate and effective PhilPaSS businesscontinuity management measures; (c) observance ofinternational standards on payments and settlement;and (d) continuous advancement of paymentsprocesses and procedures to benefit the stakeholdersand the economy as a whole.
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
1
The PSO continually ensures compliance of PhilPaSSwith international standards. In 2005, the InternationalMonetary Fund published a report of its assessmenton the observance of PhilPaSS with internationalstandards and codes on payments systems. In 2007,a self-assessment was made on the compliance withthe 10 Core Principles for Systemically ImportantPayment Systems established by the Committee onPayment and Settlement Systems. In 2014, a 3rd partyassessment was also conducted under a technicalassistance of the Asian Development Bank againstthe Principles for Financial Market Infrastructures(PFMI) jointly issued by the Committee on Paymentsand Market Infrastructures (CPMI) and theInternational Organization of Securities Commissions(IOSCO) in 2012. The PFMI replaced the 10 CorePrinciples and was designed to ensure safer andmore efficient financial market infrastructures thatcan withstand financial shocks. Self-assessments arealso performed annually.
ISO 9001 is an internationally recognized qualitymanagement standard which specifies QualityManagement System (QMS) requirements focused onan organization’s ability to meet and improve uponconsumer satisfaction and quality requirements. TheTUV SUD PASB Philippines, the country’s leadingmultinational certification inspection body, awardedthe Certification of Audit on the PhilPaSS & its criticalcomponents in 2012 and has annually renewed itscertification since then.
Additionally, the Monetary Board approved thesubmission of the 2018 SWIFT Security AttestationReport. The report indicated BSP’s compliance withthe security controls required under the SWIFTCustomer Security Controls Framework 1.0.
COMPLIANCE WITH INTERNATIONAL STANDARDS
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2010
OF Remittances (until 30 June 2018)
2012
ATM (BancNet), Checkless payments (BSP HO & SPC),
FX loan application fees
2013
Bank (Regional) withdrawals
2015
RRP Placements, Checkless payments
(BSP – Regional)
2017
PESONet
2018
InstaPay
2002
Interbank andBIR and BOC Revenue
Collections
2003
Checks, ATM (MegaLink),
USD Trades
2004
EFTIS (until 2014)GS - Secondary
2006
Bank (HO) Withdrawals, RP/RRP/SDA
2007
E-Rediscounting
2008
GS- Tertiary, Supervisory Fees, Interbank Repo, ILF,
cFAS, BSP Deposits
The BSP endeavors to have a more integratedpayments and settlement system to allow for more andmore financial transactions to be secured andcompleted on a timely manner, thereby enhancing theintegrity of transactions and furthering economicdevelopment.
CONTRIBUTING TO ECONOMIC DEVELOPMENT
Integrating more payment systems to ensure the integrity of more financial
transactions, institutions, and markets
The system started off with only interbank transactionsof commercial and thrift banks. In succeeding years,interbank transactions of other institutions wereincorporated – investment houses/ non-bank financialinstitutions in 2003, and rural banks and financingcompanies in year 2009. Payment instructions forchecks and peso trades (clearing done through thePCHC), ATM transactions through MegaLink andBancNet, and interbank and interdealer repotransactions (through the Settlement Highway of thePhilippine Dealing System, PDS) were soon thereafterenrolled and are thus now transmitted directly by theseinstitutions to PhilPaSS and effected in the DDAs of thecounterparts immediately. Participation also of other3rd party entities such as the Philippine DealingExchange System for foreign exchange transactionsand the BTr for government securities (GS) now allowsfor compliance with international standards such asPayment versus Payment and Delivery vs. Payment.Pursuant to the National Retail Payment SystemFramework, the PESONet and InstaPay wereimplemented as automated clearing houses (ACHs)last November 2017 and April 2018, respectively, withtheir transactions settled through PhilPaSS.
Other transactions affecting the DDAs of financialinstitutions (FIs) were likewise incorporated inPhilPaSS such as deposits and withdrawals of banksfrom the BSP Cash Department, annual supervisoryfees collected by BSP’s Financial Supervision Sector,deposits of maturing loan obligations with the BSPDepartment of Loans & Credit, settlement ofinvestments in BSP’s short-term liability products,processing fees collected by the InternationalOperations Department for FIs online submission ofapplication for approval/registration of foreign/ foreigncurrency denominated units, loans, and financialtransactions of the BSP (Head Office, Security PlantComplex & Regional/Branch Offices).
173DIRECT PARTICIPANTS
7kAVERAGE DAILY
TRANSACTION VOLUME
1.1trAVERAGE DAILY
TRANSACTION VALUE
STATISTICS
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2003-2007 2008-2012 2013-2017 2018
VOLUME & VALUE
173AVERAGE VOLUME OF TRANSACTIONS IN A DAY
(IN THOUSANDS)
1
46
7
0.35
1.041.4
1.1
2003-2007 2008-2012 2013-2017 2018
AVERAGE VALUE OF TRANSACTIONS IN A DAY
(IN TRILLIONS PHP)
DIRECT PARTICIPANTS
As of May 2019, there are 41 universal and commercial banks (UB/KB), 3 specialized government banks (SGB), 38 thrift banks (TB), 78 rural banks (RB), 9 non-banks with quasi-banking functions, and 4 BSP units and external institutions participating in PhilPaSS.
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 thesucceeding 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 263.8trillion (or an average of Php 1.1 trillion per day).
UB/KB24%
TB22%
SGB2%
NBQB5%
RB45%
OTHERS 2%
These institutions and/ or units initiate payment instructions to PhilPaSS.
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SYSTEM COMPONENTSAND PARTICIPANTS
DIRECT PARTICIPANTS
BSP SYSTEMS3RD PARTY SYSTEMS Other BSP Internal Systems that
interface with PhilPaSS for the settlement of other DDA related
transactions are the following:
System Provider
ATM NetworksBancNet
InstaPay
PESONetPCHC
Check Clearing
GS Trades/ eDvP/ Repo BTr
FX Trades PDS Group
cFAS Central Financial Accounting System
FLAReS Foreign Loan Approval and Registration System
IRIS Integrated Regional Information System
COCAS Currency Operations and Cash Administration System
MOS Monetary Operations Systems
eRED E-rediscounting
SFCS Supervisory Fees Collection System
SWIFT PPB
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.
PhilPaSS
The BSP manages the risks associated with PhilPaSS by:
The BSP manages the
risks associated with
PhilPaSS2
The BSP ensures that measures are in place to monitorand mitigate risks arising from PhilPaSS such as credit,liquidity, legal, operational, settlement, and systemicrisks.
Credit, liquidity and settlement risks are minimizedwith transactions in PhilPaSS settled on a gross/ trade-for-trade basis, with finality, and subject to theavailability of funds of participants, and with PhilPaSSqueuing and gridlock mechanisms in place. Variousliquidity tools such as the Intraday Liquidity Facility,Overdraft Credit Line and Overnight Repo are alsomade available should participants need to augmenttheir intraday funds. For security, the system requires a2-layer factor authorization – the use of a passwordand a Smart Card by the approving officer of themember institution. To guarantee continuity ofoperations, PhilPaSS can be operated in alternate siteswhenever necessary. Participants and industryassociations are also enjoined to ensure the safety oftheir procedures, business continuity measures, andcompliance of participants with agreements.
Risks associated with PhilPaSS are reviewed regularlyunder BSP’s Enterprise Risk Management Framework.The status of action plans are regularly monitored toensure that potential risk events are observed andeffectively mitigated.
The BSP oversees the
payment system in
the Philippines3Under Republic Act 11127 (An Act Providing for theRegulation and Supervision of Payment Systemsenacted into law last 30 October 2018), the BSP shalloversee the payment systems in the Philippines,including the PhilPaSS, for the purpose of ensuring thestability and effectiveness of the monetary andfinancial system.
Consistent with international best practices, RA 11127provides the legal basis for the BSP to own andoperate the country’s payment and settlement system.
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a) acting as the lender of last resort to participants
b) supervising and examining the informationtechnology systems of financial institutions andpayment systems, and
c) initiating reforms to ensure the development andmaturity according to global standards of paymentsystems.
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.
AUTHORITY AND POWER OF BSP
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.
COORDINATION
Finality of settlement in which settlement effected in accordance with the agreed procedures of PhilPaSSshall 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.
FINALITY OF SETTLEMENT
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.
NOTICE BY PARTICIPANTS
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.
NETTING
NPSAhighlights
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A ROADMAPTOWARDS ANEXT GENERATIONPAYMENT ANDSETTLEMENTSYSTEM
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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THE ROLE OFTHE BSPOne of the strategic measures stated in the
ASEAN Economic Community Blueprint2025 to achieve a highly integrated andcohesive economy is to further enhancethe payment and settlement systems in theASEAN region. The ASEAN WorkingCommittee on Payment and SettlementSystems (WC-PSS) is tasked to lead theseinitiatives ultimately to provide an enablingenvironment that shall promote regionallinkages and payment systems that aresafe, efficient, and competitive. The WC-PSS designated the BSP and the Bank ofLao as the new co-chairpersons from 2018to 2020.
KEEPING ABREAST WITH REGIONAL AND GLOBAL STANDARDS AND DEVELOPMENTS
The BSP also actively participates in theinitiatives under the Executives Meetingof East Asia and the Pacific – WorkingGroup on Payment and SettlementSystems (EMEAP-WGPSS). Suchparticipation provides the opportunity toshare BSP’s initiatives with otherjurisdictions as well as for BSP to learnfrom international experiencesparticularly on the development,oversight, and risk management systemsin both the retail and large-value paymentand settlement systems.
To provide a more proactive approach inmeeting the Committee’s goals, BSPrepresentatives drafted and presented tothe Committee an ASEAN PaymentsPolicy Framework and a correspondingRoadmap. The proposed vision under thedraft document is to provide individualsand businesses in the ASEAN region,safe and efficient means of makingcross-border electronic retail payments intheir respective local currencies. Thefinalization of the Framework andRoadmap shall be pursued in 2019.
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Director
Operations Unit
Customer Services
Unit
Technical Services
Staff
PERA System
Admin Unit
Administrative Services
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.
PAYMENTS AND SETTLEMENTS OFFICE
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.
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Types of Fees Fees
A. Transaction Fees Transaction Value Fee per Transaction
1. Interbank (Debits) PhP 1.00 – 100.00
101.00 – 500,000.00
500,001.00 – 1,000,000.00
40,000,000.00 and above
FREE
PhP 5.00
PhP 10.00
PhP400.00
2. Peso-Leg of USD Trade Transactions (Payment vs Payment)
3. Settlement of GS Trade Transactions (Delivery vs Payment) BTr-GS/ FIE/ Equities
4. PCHC Transactions (Win/ Loss)
5. ATM Network Transactions
6. Manual Processing of Interbank Transactions PhP1,000.00 + Ad Valorem Fee = TV x 0.00001or 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 inquiryVia PhilPaSS Participant Browser (PPB) – FREE
4. SOA Request (Printout) Via SWIFT - PhP100.00 per inquiryVia PhilPaSS Participant Browser (PPB) – FREE
5. Third-Party Systems Monthly Access/ Connection Fee PCHC BancNet PSSC Bureau of the Treasury
P R I C I N G S T R U C T U R E
1,000,001.00 – 39,999,999.99Ad Valorem Fee
= Trans. Value x .00001 (rounded to the nearest Peso)
Primary
FREE
Back-up
FREE
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Start Time
AgencyInvolved
Activities Cut-off 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-DDARegular window for same day interbank transactionsPosting/ Settlement of other DDA transactions (i.e. BTr and other Bangko Sentraldepartments)
Bank payment of OLF converted from ILF availed (t-0) Bangko Sentral ECWS transactions Cash deposits with Bangko Sentral Head Office and Regional Offices ATM transactions BTr-GS sale/ purchase via DvP PCHC-EPCS results PDS Settlement Highway for GS-eDvP BSP-DLC Collection of OCL availed (value t-0) PDS Settlement Highway for USD sale/ purchase of Peso-leg) via PvP Interbank borrowing/ lending E-Rediscounting PESONet and InstaPay
11:00AM01:00PM02:00PM04:00PM
- do -- do -- do -
05:00PM05:45PM
- do -- do -
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 DDACollection (on demand) of ILF loan availed
05:00PM05:00PM
10:00AM BSP-TD Bangko Sentral Monetary Operations: TDF (bid submission at 9:30AM) Outright GS purchase and sale OLF/ Conversion of unpaid ILF to OLF ODF
10:30AM05:00PM05:15PM05:30PM
10:00AM BSP-PSO PhilPaSS settlement cut-off of Bangko Sentral TDF, Outright GS purchase and sale/ OLF/ ODF
05:45PM
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 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
06:30PM
06:00PM PCHC Receipt of Bangko Sentral notice of the amount available for settlement of the bank’s clearing losses, if greater than DDA
06:30PM
S E T T L E M E N T T I M E L I N E S A N D C U T - O F F T I M E SPhilPaSS operates daily (Monday to Friday) from 9:00AM to 5:45PM.
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Start Time
AgencyInvolved
Activities Cut-off 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-PSOBSP-DLCBSP-TD
Interbank trading and settlement window for losses in AM returns (back value t+0)Availment of OCL by Banks (back value t+0)Bangko Sentral-OLF window for losses in AM returns (back value t+0)
08:59AM08:59AM08:45AM
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 ConditionsExtended 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
08:16AM08:16AM
BSP-PSOBSP-DLCBSP-TD
Interbank trading and settlement window for losses in AM returns (back value t+0)Availment of OCL by Banks (back value t+0)Bangko Sentral Monetary Operations trading window on an extended EOD basis (back value t+0)
Overnight RRP (bid submission at 08:16AM) OLF ODF TDF
09:59AM09:59AM
09:30AM09:30AM09:30AM09:30AM
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
S E T T L E M E N T T I M E L I N E S A N D C U T - O F F T I M E SPhilPaSS operates daily (Monday to Friday) from 9:00AM to 5:45PM.
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