The Central Bank of the Philippines used its 2025 Peso Real-Time Gross Settlement (RTGS) Forum to urge payment system stakeholders to help build a 24/7 peso RTGS service, signalling a potential shift toward round-the-clock settlement in the BSP-owned PhilPaSSplus system. PhilPaSSplus currently operates from 9:00AM to 5:45PM, Mondays through Fridays. A 24/7 model was framed as enabling more real-time settlement capacity, greater linkage with foreign payment systems, and additional activity including 24/7 remittances, cross-border e-commerce payments and same-day settlement of the cash leg in bond trading. The forum, which marked the fourth anniversary of PhilPaSSplus and convened participants across banks, quasi-banks, nonbank e-money issuers, financial market infrastructures and clearing switch operators, also covered refinements to operating procedures for holidays and work suspensions, progress on the ISO 20022 Standard Harmonization Project, the 2025 customer satisfaction survey, implementation updates on penalties for erring RTGS participants, and operational enhancements such as automated debiting in the Intraday Settlement Facility and liquidity-saving mechanisms.
Central Bank of the Philippines 2025-11-11
Central Bank of the Philippines calls on payment system participants to design a 24/7 PhilPaSSplus real-time gross settlement service
The Central Bank of the Philippines, during its 2025 Peso Real-Time Gross Settlement (RTGS) Forum, called for stakeholder support to develop a 24/7 peso RTGS service, indicating a potential shift to continuous settlement in the BSP-owned PhilPaSSplus system. The forum also addressed operational refinements, progress on the ISO 20022 Standard Harmonization Project, and updates on penalties and liquidity-saving mechanisms.