BSP PAYMENT TO SUPPLIERS/CONTRACTORS

The Bangko Sentral ng Pilipinas, being compliant to Republic Act No. 8792 (E-Commerce Act), subscribes to a Checkless Payment System where payments are credited directly to the registered bank accounts of suppliers of goods and services.

BSP CHECKLESS PAYMENT SYSTEM

- Financial Accounting Department electronically transmits payment transactions to PhilPaSS

- Transmission/sending cut-off time is 5:30 p.m.

FAD PhilPaSS Depository Bank HO

Depository Bank

Branch

- PhilPaSS sends payment instructions to Depository Bank (DB) HO

- Crediting by DBHO to the Branch is dependent on DBHO’s policy

BSP CHECKLESS PAYMENT SYSTEM

• ORIGINAL COPY of:

– Approved Authority to Credit Form

– Corporate Secretary’s Certificate (for corporation) indicating the (a) bank details: bank name, account number, branch address; and (b) name and signature of the personnel authorized to execute the Authority to Credit

DOCUMENTARY REQUIREMENTS FROM SUPPLIERS/CONTRACTORS FOR BANK ACCOUNT REGISTRATION

TO BE SUBMITTED TO END-USER DEPARTMENTS (EUD)

• CERTIFIED BY ADMINISTRATIVE OFFICER OF EUD AS TRUE COPIES OF THE ORIGINAL:

– Photocopy of Passbook or ATM Card or Check showing the Account Name and Account Number

– Business Registration with SEC/DTI (as applicable)

– BIR Certificate of Registration (BIR Form No. 2303)

– Tax Exemption Certificate/Ruling from BIR, if any; Tax Treaty, for foreign entity not engaged in business in the Philippines.

– Latest BIR-received Affidavit Declaration of Current Year’s Gross Income for professional services for the determination of applicable withholding tax rate (e.g. consultants, brokers)

Security and Maintenance

Services (including outsourced services)

Capital Assets (Goods & Services)

Infrastructure Projects

1. BIR- Compliant Service/Sales Invoice/Statement of Account (SOA) [with ATP or BIR Accreditation details]; or

(with stamp of

inspection by ASD for goods)

2. Submittals required for each milestones/progress billings and payment (e.g. Results of Analysis, Blueprints, Pictures, As Built Plans)

DOCUMENTARY REQUIREMENTS FROM SUPPLIERS/CONTRACTORS

FOR PAYMENT

• Letter addressed to the EUD requesting for the refund

• Photocopy of Acknowledgement Advice issued by BSP - FAD for payment of delivered/rendered goods and services (for Retention Money)

• BSP Official Receipt (for Performance/Bid Bond)

DOCUMENTARY REQUIREMENTS FROM SUPPLIERS/CONTRACTORS FOR REFUND OF

BID/PERFORMANCE BOND & RETENTION MONEY

- Financial Accounting Department electronically transmits payment transactions to PhilPaSS

- Transmission/sending cut-off time is 5:30 p.m.

FAD PhilPaSS Depository Bank HO

Depository Bank

Branch

- PhilPaSS sends payment instructions to Depository Bank (DB) HO

- Crediting by DBHO to the Branch is dependent on DBHO’s policy

BSP CHECKLESS PAYMENT SYSTEM

• Settlement of claims for one (1) payment transaction involving the acquisition of goods and services shall take a maximum of three (3) days on the average if supported with complete and valid documentary requirements from the suppliers and end-user departments.

• Processing of claims is on a “first come, first serve” policy.

ESTIMATED TIMELINE FOR PAYMENT

• For Bank Account Registration:

– Original Authority to Credit

– Original Secretary’s Certificate

– Certified True Copy of BIR Certificate of Registration

– Certified True Copy of SEC/DTI Registration

– Certified True Copy of Tax Exemption Certificate

– Certified True Copy of Affidavit Declaration of Gross Income

• For Payment:

– Original BIR-compliant Sales /Service Invoice

– Original Submittals per terms of reference

• For Refund of Bid/Performance Bond/Retention Money

– Original Letter Request

– Photocopy of Acknowledgement Advice for retention money

– Original BSP Official Receipt for the bond

RECAP – Suppliers to submit the following to the end-user departments for submission to FAD:

• Early settlement of claims will depend on the completeness and validity of required documents to be submitted by the supplier and end-user departments.

REMINDER

SAMPLE: AUTHORITY TO CREDIT

SAMPLE: SECRETARY’S CERTIFICATE

SAMPLE: CERTIFIED COPY OF ATM

SAMPLE: CERTIFIED COPY OF PASSBOOK

SAMPLE: CERTIFIED COPY OF CHECK

SAMPLE: Business Registration - SEC

SAMPLE: Business Registration - DTI

SAMPLE: BIR Certificate of Registration

SAMPLE: Tax Exemption Certificate/Ruling

SAMPLE: BIR received Sworn Declaration

SAMPLE: Certification - not engaged in business

SAMPLE: INVOICE

SAMPLE: STATEMENT OF ACCOUNT (SOA)

SAMPLE: AUTHORITY TO PRINT

SAMPLE:REQUEST FOR REFUND OF RETENTION

SAMPLE: ACKNOWLEDGEMENT ADVICE WITH RETENTION

SAMPLE:REQUEST FOR RELEASE OF PERFORMANCE BOND

SAMPLE: BSP OFFICIAL RECEIPT

SAMPLE: OFFICIAL RECEIPT

SAMPLE: COLLECTION RECEIPT

SAMPLE: ACKNOWLEDGEMENT ADVICE