Inquirer
BSP pushes for 24/7 digital payments system
The Bangko Sentral ng Pilipinas (BSP) is set to launch a 24/7 payment system by 2026 to enhance real-time and cross-border transactions.
BSP Deputy Governor Mamerto E. Tangonan announced that the Philippine Payment and Settlement System (PhilPaSS) Plus will be expanded to operate continuously.
This initiative aims to facilitate quicker transaction settlements and connect the Philippines' payment infrastructure with international systems.
The BSP has also called on various financial institutions to collaborate in designing this new real-time gross settlement (RTGS) system.
Potential benefits include 24/7 remittances, cross-border e-commerce, and continuous bond trading, which are expected to further stimulate economic activity.
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