The Philippine

Payment and Settlement

System

Payments and Settlements Office+63 2 400 7024

PhilPaSS_Helpdesk@bsp.gov.ph

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 the Bureau 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, the Philippine Domestic Dollar Transfer System to move US dollars across banks, & several other payments systems.

EFTs were generally sent through a clearing unit (e.g., PCHC or the PDS Settlement Highway) & are 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 receive 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 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.

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 identifier code, invalid payment instruction format), or Settled (transactions that are fully accepted, processed, & settled by the System). Participants may issue requests such as the cancellation of unsettled/ queued payment instructions, details such as balances &/ or movements of their accounts & of debit/ credit entries to their accounts, and/ or requests to relay messages to counterparties.

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THE ROLE OFTHE BSP

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.

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

COMPLIANCE WITH INTERNATIONAL STANDARDS

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2010

OF Remittances (until 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 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 integrity of transactions and furthering economic development.

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 transactions of commercial and thrift banks. In succeeding years, interbank transactions of other institutions were incorporated – investment houses/ non-bank financial institutions in 2003, and rural banks and financing companies in year 2009. Payment instructions for checks and peso trades (clearing done through the PCHC), ATM transactions through MegaLink and BancNet1, and interbank and interdealer repo transactions (through the Settlement Highway of the Philippine Dealing System, PDS) were soon thereafter enrolled and are thus now transmitted directly by these institutions to PhilPaSS and effected in the DDAs of the counterparts immediately. Participation also of other 3rd party entities such as the Philippine Dealing Exchange System for foreign exchange transactions and the BTr for government securities (GS) now allows for compliance with international standards such as Payment versus Payment and Delivery vs. Payment. Pursuant to the National Retail Payment System Framework, the PESONet and InstaPay were implemented as automated clearing houses (ACHs) last November 2017 and April 2018, respectively, with their transactions settled through PhilPaSS.

Other transactions affecting the DDAs of financial institutions (FIs) were likewise incorporated in PhilPaSS such as deposits and withdrawals of banks from the BSP Cash Department, annual supervisory fees collected by BSP’s Financial Supervision Sector, deposits of maturing loan obligations with the BSP Department of Loans & Credit, settlement of investments in BSP’s short-term liability products, 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).

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 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).

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:

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 manages the

risks associated with

PhilPaSS2

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 PhilPaSSqueuing 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.

The BSP oversees the

payment system in

the Philippines3Under 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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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 capabilities 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 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.

KEEPING ABREAST WITH REGIONAL AND GLOBAL STANDARDS AND DEVELOPMENTS

The BSP also actively participates in the initiatives under the Executives Meeting of East Asia and the Pacific – Working Group on Payment and Settlement Systems (EMEAP-WGPSS). Such participation provides the opportunity to share BSP’s initiatives with other jurisdictions as well as for BSP to learn from international experiences particularly on the development, oversight, and risk management systems in both the retail and large-value payment and settlement systems.

To provide a more proactive approach in meeting the Committee’s goals, BSP representatives drafted and presented to the Committee an ASEAN Payments Policy Framework and a corresponding Roadmap. The proposed vision under the draft document is to provide individuals and businesses in the ASEAN region, safe and efficient means of making cross-border electronic retail payments in their respective local currencies. The finalization of the Framework and Roadmap 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. Smart Card Kit (new/ renewal) PhP 1,200.00 per kit

1. Online Transaction Inquiries Via SWIFT - PhP100.00 per inquiryVia PhilPaSS Participant Browser (PPB) – FREE

2. SOA Request (Printout) Via SWIFT - PhP100.00 per inquiryVia PhilPaSS Participant Browser (PPB) – FREE

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

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