WHAT IS A PAYMENT SYSTEM?
A payment system consists of a set of instruments, banking
procedures and, typically, interbank funds transfer systems that ensure
the circulation of money.1 In simple terms, “money” is regarded as cash
(i.e., notes and coins issued by the government or central bank) or claims
against credit institutions in the form of deposits. The use of bank deposits
to make payments has become an important medium in most developed
countries and to make a payment, the payer must issue an instruction in
the form of a paper-based instrument (e.g. a check) or an electronic
instruction (e.g. using a credit or plastic card).
The effectiveness of payment activities is fully dependent on the
arrangements that facilitate fund transfers between members and it is
through these arrangements that constitute a “payment system”. Payment
Systems consist therefore of networks that link the members with existing
rules and procedures for the use of this infrastructure. A Payment System
normally requires the following:
•
•
•
Standard methods of transmitting payment messages between
members
Agreed
means
of
settling
claims
within
the
members/participants (normally through the deposits of the
members/participants with the central bank)
Common operating procedures and rules (admission, fees,
operating hours)
Payment systems are vital part of the economic and financial
infrastructure. Their efficient functioning, allowing transactions to be
completed safely and on time, makes a key contribution to overall
economic performance. Payment systems, however, can also involve
significant exposures to risks for members. It is for this reason that
central banks have always taken into account the design and operation of
payment systems additional control features to mitigate these risks.
WHY ARE PAYMENT SYSTEMS IMPORTANT?
a. Payment systems allow safe and timely completion of transactions.
Various payment systems are normally used by companies to buy or
sell goods and services; individuals rely on them to receive their
salaries and for retail purchases; and the government depends on
them to receive taxes and pay benefits.
b. Payment systems allow the customers of one bank to make payments
to other banks thereby minimizing the risks of fraud and erroneous
payments to illegitimate creditors.
1
Bank for International Settlements – Committee on Payment and Settlement Systems, A glossary of terms
used in payments and settlement systems (2003), p38
1
c. Payment systems are vital to the operation of financial markets as they
are used to settle trading of various financial instruments such as
government securities, commercial paper, stocks, foreign exchange
and derivatives.
WHAT ARE THE RISKS INVOLVED IN PAYMENT SYSTEMS?
The various risks in Payment Systems are as follows:
a. Credit Risk – the risk that the counter-party will not meet an obligation
for full value, either when due, or at any time thereafter.2 It includes
both the risk of loss of unrealized gains on unsettled contracts with the
defaulting party and more importantly, the risk of loss of the whole
value of the transaction.
b. Liquidity Risk – the risk that the counter-party will not settle an
obligation for full value when due.3 This could adversely affect the
expected liquidity position of the payee and may force the payee to
cover its cash flow shortage by funding from other sources to meet its
obligations to others.
c. Settlement Risk – the risk that the completion or settlement in a
transfer system will not take place as expected. This risk may
comprise both credit and liquidity risk.4
d. Operational Risk – the risk of human error or a breakdown of some
component of the hardware, software, or communications systems
that are crucial to settlement.5
e. Legal risk – the risk of loss because of the unexpected application of a
law or regulation or because a contract cannot be enforced6
WHAT ARE THE
PHILIPPINES?
MAJOR PAYMENT
INSTRUMENTS
IN THE
a. Check
A written order from one party (the drawer) to another (the drawee,
normally a bank) requiring the drawee to pay a specified sum on
demand to the drawer or to a third party specified by the drawer.
2
Ibid., p17
Ibid., p29
4
Ibid., p45
5
Ibid., p36
6
Ibid., p29
3
2
Checks may be used for settling debts and withdrawing money from
banks.7
In the Philippines, banks exchange checks through the Electronic
Check Clearing System (ECCS) of the Philippine Clearing House
Corporation (PCHC) for processing and settlement through their
demand deposit accounts (DDA) that are maintained with the BSP.
Checks are commonly used by consumers for bills and small value
payments and for businesses for their regular payments such as
purchase of goods and services.
b. Credit Card
A card indicating that the holder has been granted a line of credit. It
enables the holder to make purchases and/or withdraw cash up to a
prearranged ceiling; the credit granted can be settled in full by the end
of a specified period or can be settled in part, with the balance taken
as extended credit. Interest is charged on the amount of any extended
credit and the holder is sometimes charged an annual fee.8
Credit cards in the Philippines are usually issued by the banks which
have formed part of their marketing strategy to increase the number of
their customer base and improve income that can be generated from
retail and consumer business. Credit card use is no longer limited to
the ordinary purchase of goods and services by the cardholders.
Banks have expanded its usage for other purposes such as cash
advance, easy installment plan for purchases, link-up to savings and
checking accounts of cardholders etc. to attract more customers. The
most common credit cards being used are the Visa, MasterCard,
BanKard, JCB, Unicard, Diners Card, and American Express Card.
c. Debit Card
Debit Cards enable the holder to have his purchases directly charged
to funds on his account at a deposit-taking institution (may sometimes
be combined with another function e.g. that of a cash card or check
guarantee card).9
The existing ATM networks (BancNet, MegaLink, ExpressNet,
Nationlink and Encash) have developed their own Point-of-Sale (POS)
System to allow their depositors to pay for their purchases
electronically through their ATMs for credit to the retailer’s account.
d. Stored Value Card
7
Ibid., p12
Ibid., p16
9
Ibid., p19
8
3
Stored Value Cards are prepaid card in which the record of funds can
be increased as well as decreased. Also called an electronic purse.10
In the Philippines, these cards are commonly single use instruments
and non-reusable. Typical examples of single use cards are those
issued by the the Light Rail Transit Authority, Metro Rail Transit
Authority, and telecommunications companies. A bank pioneered also
the use of multi-purpose reloadable e-Cash that can be used for cash
withdrawal through the bank’s counter or automated teller machines or
payment of bills to the accredited establishment of the e-Cash issuer.
e. Electronic Money
A value stored electronically in a device such as a chip card or a hard
drive in a personal computer.11 Also known as e-money.
The BSP classify e-money further as monetary value stored
electronically in an instrument or device which can be converted back
to cash, and if issued by a bank, shall not be considered as deposit.
Two of the most popular form of e-money in the Philippines are
SMART Money and Globe’s G-Cash.
WHAT ARE THE MAJOR PAYMENT, CLEARING AND SETTLEMENT
SYSTEMS IN THE PHILIPPINES?
a. Electronic Check Clearing System (ECCS)
Operated by the Philippine Clearing House Corporation, ECCS is the
system used to facilitate the exchange of checks issued by banks for
processing and settlement through their DDAs with the BSP.
b. Electronic Peso Clearing and Settlement System (EPCS)
The Electronic Peso Clearing and Settlement System is an interbank
account-to-account fund transfer system that supports bulk, recurring,
non-time sensitive payment and collection transactions. This is
considered a cost-efficient means of transacting payments and
collections and considered as a robust alternative to check payments.
EPCS is operated by the Philippine Clearing House Corporation.
c. Philippine Domestic Dollar Transfer System (PDDTS)
This system allows online, real time settlement of domestic interbank
US Dollar transfers/trading. In addition, it provides a facility for online
inquiry and settlement of foreign exchange transactions, where the
10
11
Ibid., p47
Ibid., p22
4
PDDTS participants enter interbank US Dollar and Peso transfer
instruction in a single screen. The US Dollar leg is settled via PDDTS
using their US Dollar accounts with Citibank as settlement bank. The
Peso leg is transmitted via the PDS Settlement Highway (PSH) to the
Philippine Payments and Settlements System (PhilPaSS) for
settlement through the banks’ DDAs maintained with Bangko Sentral
ng Pilipinas.
d. PDS Settlement Highway (PSH)
The PSH, which is operated by the Philippine Dealing System (PDS)
Group, enables the real time settlement of various investment trading
activities including, but not limited to the following: settlement of the
Peso leg of US Dollar interbank transfers/trading (via Payment vs.
Payment system or PvP), settlement of interbank/interdealer
repurchase transactions and securities trading (via Delivery vs.
Payment system or DvP), tertiary or public market trading (via
expanded Delivery vs. Payment system or eDvP) distribution of
interests and dividends from registries, custodians or the depository.
e. Automated Teller Machine (ATM)
ATMs, being used in a variety of retail payment transactions, have
been an indispensable payment instrument nowadays. The system
that connects the ATM consortiums now enables cashless payments
for purchases made by ATM cardholders. What the system does is it
debits the ATM cardholder’s account with his bank for every purchase
made using his ATM card thus, making transactions safer and more
efficient.
f. Philippine Payments and Settlements System (PhilPaSS)
The Philippine Payments and Settlements System or PhilPaSS is the
system name where both processing and final settlement of fund
transfer instructions can take place continuously (i.e. in real time). As a
gross settlement system, it enables individual settlement of payment
instructions, that is, without netting debits against credit. As a real time
settlement system, the system effects final settlement continuously
rather than periodically at pre-specified times provided that a sending
bank has sufficient balances or credit. The settlement process is
based on real time transfer of central bank money.
WHAT IS REAL TIME GROSS SETTLEMENT (RTGS) SYSTEM?
RTGS is an automated facility, normally run by a country’s central
bank, to effect high-value payment instructions between banks through
the deposit accounts of the banks that are maintained with the central
bank.
5
Each RTGS System being operated by a central bank has its own
unique name. BSP’s RTGS System is called the Philippine Payments
and Settlements System or “PhilPaSS”.
WHAT ARE THE BENEFITS OF AN RTGS SYSTEM?
An RTGS system can provide the following benefits:
a. Real time and immediate settlement of payments
b. Mitigation of settlement, credit and liquidity risks
c. Payments are made irrevocable and final
WHO OWNS AND OPERATES PhilPaSS?
The BSP is the owner and operator of the RTGS system commonly
known as “PhilPaSS”, and it is likewise designated as the settlement bank
or Central Institution for the settlement of transactions that are processed
through the system.
As owner and operator of the PhilPaSS, the BSP is responsible for:
a. Providing, maintaining and upgrading the system including system
hardware and software.
b. Ensuring uninterrupted operations between the System and SWIFT
(the network provider) and adequate Continuity of Business (COB)
plans are in place.
c. Ensuring that adequate back-up files are available for continuous and
efficient operation of the system.
As settlement bank, the BSP through the system is responsible for:
a. Maintenance of a Participant’s PhilPaSS account wherein all PhilPaSS
transactions and other bank transactions shall be posted during the
PhilPaSS business day.
b. Receiving and authenticating electronic fund transfer instructions from
the participants.
c. Checking if the paying bank has sufficient balances and posting the
debit entry in its DDA and credit entry in the beneficiary bank’s DDA.
d. Providing feedback to the participants regarding their PhilPaSS
transactions, balances and queries.
WHAT WAS THE SYSTEM BEING USED BY THE BANKS/FINANCIAL
INSTITUTIONS FOR THEIR INTERBANK TRANSACTIONS PRIOR TO
THE IMPLEMENTATION OF PhilPaSS ON DECEMBER 12, 2002?
Prior to December 12, 2002, the banks/financial institutions were using
the Enhanced Multi-transaction Interbank Payment System (MIPS2) for
6
their interbank transactions. MIPS2 was an electronic net clearing system
that was operated by the Bankers Association of the Philippines (BAP)
and Philippine Clearing House Corporation (PCHC) in coordination with
the BSP. Both counter-parties had to input their transactions through the
MIPS terminal provided by PCHC.
PCHC in turn, verifies and
authenticates the transactions prior to its electronic transmission to the
BSP for settlement. The status of the transactions of the banks/financial
institutions was being secured by the participants through the reports from
MIPS2 while the balances of their demand deposits were being advised
through an hourly electronic broadcast by the BSP/Comptrollership
Department. Participants under MIPS2 were subjected to admission fees
and a transaction fee of PhP120.00 which was being billed to the account
of the debit party for every interbank transaction.
WHO ARE THE PARTICIPANTS IN PhilPaSS?
The original participants under MIPS2 were considered as participants
in PhilPaSS when this was officially launched last December 12, 2002. In
addition, the BSP departments/offices/units that were directly involved in
MIPS2’s interbank transactions were automatically listed as participants in
PhilPaSS.
The following are the participants in PhilPaSS12:
i.
ii.
iii.
iv.
v.
vi.
Bangko Sentral ng Pilipinas (BSP)
Universal and Commercial banks
Specialized Government banks
Thrift and Savings banks
Rural and Cooperative banks
Non-banks with quasi-banking facility (NBQB)
WHAT ARE THE TRANSACTIONS PROCESSED BY PhilPaSS?
The following transactions (with value dates equal to PhilPaSS
business day) are accepted for processing:
a. High-value funds transfer among banks, non-bank
intermediaries performing quasi-banking functions (NBQBs)
financial
b. Purchase and sale of government securities under outright and
repurchase agreements between and among banks and NBQBs and
BSP in connection with the latter’s Open Market Operations
c. Settlement of the peso leg of foreign currency transactions via the
Payment vs. Payment (PvP) System
12
Kindly refer to page 22 of this booklet for the complete list of PhilPaSS participants
7
d. Settlement of payments for the primary and secondary market trading
of government securities via the Delivery vs. Payment (DvP) System
e. Settlement of payments for the public (tertiary) market trading of
government securities and inter-dealer repo transactions via the
Enhanced Delivery vs. Payment (eDvP) System
f. Customer payment instructions
g. Interbank settlement of Automated Teller Machines (ATM)
transactions within the members of ATM network provider and
settlement of inter-network transactions of ATM network providers.
h. Cash Withdrawals with BSP-Cash Department/Regional Cash Units
i.
Results of Check Clearing operations (by PCHC)
j.
Revenue Collections (BIR and BOC taxes/duties)
k. BSP-Treasury Department domestic transactions
l.
e-Rediscounting deals with BSP-Department of Loans and Credit
m. Annual Supervisory Fees
n. Withdrawal of Excess Reserves with BSP
o. Cash deposits
p. OFW remittances for credit to banks
Future dated interbank transactions – payment instructions with value
dates greater than the current value date [up to four (4) calendar days] of
the system, are accepted but are warehoused and processed only on the
date indicated.
Transactions with past value dates (value dates are less than the
PhilPaSS system date) are rejected for processing. Only transactions
with current value dates or future dated interbank transactions as defined
above are accepted for processing and settlement by PhilPaSS.
WHAT ARE THE SYSTEM COMPONENTS OF PhilPaSS?
a. LOGICA Clearing and Settlement System/Central Accounting System
(LCSS/CAS)
The LCSS/CAS is the main application in the system. Its basic
function is to process incoming SWIFT settlement instructions from
8
participants and prompt the accounting and recording of these
transactions to the participants’ DDA with BSP.
b. PhiPaSS Participant Browser (PPB)
A system developed by Logica, Plc., the same provider of the Central
Accounting System (CAS) of PhilPaSS, the PPB is a web-based
facility which enables PhilPaSS participant-banks to efficiently manage
their respective demand deposit accounts (DDA) maintained with the
Bangko Sentral ng Pilipinas by (1) allowing the banks’ designated
users to check and verify the status and details of all incoming and
outgoing transactions, (2) allowing designated users to re-prioritize or
cancel queued payments, (3) allowing users to generate reports ondemand in various file formats (4) enabling banks to transmit their
financial transactions to their counterparties through the BSP’s
LCSS/CAS.
c. SWIFT Network
The existing global communication network of SWIFT is a component
of the system that enables the participants to transmit their financial
transactions to their counterparties electronically. The participants are
required to enroll to SWIFT FIN Copy Service to allow them to transmit
directly their PhilPaSS transactions to BSP’s LCSS/CAS for
processing and settlement.
d. Data Communications
A virtual private network (VPN)
The existing data communications service provider (ORANGE
BUSINESS UK LTD) by SWIFT is also a major component of the
system that serves as the communication link between the PhilPaSS
and the Participant’s Computer-Based Terminals (CBTs).
9
The following diagram shows the basic system components of PhilPaSS:
PhilPaSS (RTGS) COMPONENTS
SWIFT USERS
SWIFT
ALLIANCE
SERVER
(9:00AM – 12:00 NOON)
NON-SWIFT USERS
BALANCES
(09:00AM)
(9:00AM – 5:45PM)
(9:00AM – 5:45PM)
ELECTRONIC CASH WITHDRAWAL
BEGINNING
OF DAY
CORE
INTRA-DAY
FINANCIAL
cFAS
ACCOUNTING
SYSTEM (cFAS) TRANSACTIONS
INTERBANK TRANSACTIONS
(RTGS)
CENTRAL
ACCOUNTIN
G SYSTEM
PPS
FRONTEND
SYSTEM
INTERBANK TRANSACTIONS
(90:00AM – 5:45PM)
ELECTRONIC CASH WITHDRAWAL
(9:00AM – 12:00 NOON)
MEGALINK
ATM TRANSACTIONS
(CAS)
(9:00AM – 11:00AM)
PSSC
PAYMENT VS. PAYMENT (USD SALE)
(9:00AM – 5:45PM)
BSP BRANCHES
RTGS
REGIONAL CASH
TRANSACTIONS
THIRD
PARTY
OPTION
TRANSACTIONS
(6:00PM)
EFTIS
REVENUE COLLECTIONS
(9:00AM – 2:00PM)
PCHC
EPCS/ECCS
INTERNAL TRANS
OTHER TRANS AFFECTING DDA
(3:30pm – 4:45PM)
RS6000
AS/400
BUREAU OF THE TREASURY
DELIVERY VS. PAYMENT (GS SALE)
- Telerate & PDEx
(9:00AM – 2:00PM)
BSP-TREASURY
DEPARTMENT
BSP-TREASURY TRANSACTIONS
(9:00AM – 5:45PM)
BSP-CASH DEPT.
CASH DEPOSITS
BSP-DLC
LOANS GRANTS & REPAYMENTS
WHAT IS SWIFT AND SWIFT FIN COPY?
SWIFT stands for Society for Worldwide Interbank Financial
Telecommunication. It is a secure, dedicated, global communication
network that supports a range of financial messaging services including
FIN, its core store-and-forward message processing service. The service
provides financial institutions with a wide range of message types for fast,
secure transaction and information processing and settlement.
FIN Copy is a message transmission service that has been developed
to assist financial communities in the creation of centralized systems such
as RTGS or Netting Systems. FIN messages are comprised of structured
headers, text and trailers, that conform to internationally accepted
standards. Their confidentiality, integrity, and authenticity are ensured by
means of:
a. Security of transmission, delivery and message storage
b. The encryption of user data within the system, both in transit and on
system storage devices
c. Message validation
10
WHAT ARE THE MECHANICS FOR THE IMPLEMENTATION OF
SWIFT FIN COPY?
The FIN Copy is implemented on a closed user group (CUG) basis
and consists of:
•
•
Participating financial institutions (FIN Copy users)
Central Institution (responsible for clearing, netting, settlement, etc.)
A CUG is a group of users who may, for certain types of message or
service, communicate among themselves, but not with users outside the
CUG. A CUG has certain defined characteristics. For example, a FIN
Copy CUG may define various characteristics such as types of messages
that may be FIN- copied among its members.
WHAT ARE THE STANDARD MESSAGE TYPES (MT) AVAILABLE
FOR PROCESSING UNDER SWIFT FIN COPY BY THE MEMBERS OF
THE CUG?
The following are the standard message types that are available under
SWIFT FIN Copy to members of the CUG:
a.
b.
c.
d.
e.
f.
g.
h.
i.
MT102 - Multiple customer credit transfer
MT103 - Single customer credit transfer
MT202 - General financial transfer
MT205 - Financial institution transfer execution
MT298 - Proprietary message type for various functions (i.e.
cancellation request, business priority change request, unsettled
payment information)
MT920 - Account inquiry request
MT800 - Payment inquiry request
MT801 - Request for status of unsettled payments
MT999 - Free format message
WHAT IS THE SIGNIFICANCE OF SWIFT FIN COPY TO PhilPaSS?
SWIFT FIN Copy provides a simple, flexible and secure way for the
BSP to monitor and control financial transactions. FIN Copy uses the
facilities of the FIN messaging service, which it enhances by copying
selected information to the third party. The service may be used for the
clearing, netting and settlement of high value payments, securities and
other financial transactions. It allows the users to protect the origin and
integrity of their message text by means of double authentication.
Standard FIN messages use an authentication mechanism based on
bilateral key exchange (BKE) between the sender and receiver. The
second message authentication mechanism is based on bilateral key
11
exchange between the Central Institution or Central Bank and the
receiver. The two (2) authentication processes are both automatic in
SWIFT and PhilPaSS to ensure the security of the payment instruction
messages that are transmitted by the participants to the System.
There are two (2) copying modes under SWIFT FIN Copy. These are:
a. Y-Copy Mode
FIN Copy intercepts the FIN message and then copies some or all of
the information to a Central Institution or Central Bank.
FIN copy holds the message in temporary queue until the Central
Bank sends the appropriate authorization or rejection, after which either
the message is delivered to the receiver, or the sender receives an abort
notification.
b. T-Copy Mode
FIN Copy copies to the Central Bank some or all of the contents of a
FIN message that has been delivered to the receiver. The Central Bank is
responsible for advising, by separate messages after the event, the
sender and the receiver of the status of the transaction.
The BSP is utilizing the FIN Y Copy mode of monitoring and
controlling the financial payment instructions of PhilPaSS that are being
transmitted through the SWIFT network.
The following diagram shows the basic flow of SWIFT messages that
are being sent by a member of SWIFT CUG through the SWIFT network:
SWIFT-CAPABLE BANKS in CUG
(CLOSED USER GROUP)
X. 25 Leased line
Dial-up
Connection
MT 012 or MT 019
MT 012 = Accepted
MT 019 = Rejected
BANK A
BANK B
MT 202
MT 202
S.W.I.F.T
Society for Worldwide Interbank
Financial Telecommunications
MT 096
MT 097
SWIFT
BSP-HO
ALLIANCE
SERVER
225
AVERAGE
TRANSACTIONS
IN TO CAS
OUT OF CAS
CAS
CENTRAL
ACCOUNTING
SYSTEM
12
The BKE security mechanism is used to manage relationships with
SWIFTNet Phase 1. It provides end-to-end authentication (proof of
sender’s identity) and allows the management of relationships with
correspondents. This is because authenticated FIN messages can only
be exchanged if a valid bilateral key is established with a correspondent
However, in SWIFTNet Phase 2, Public Key Infrastructure (PKI) digital
signatures replace the end-to-end authentication aspect of BKE. The
relationship management aspect of BKE is replaced by a new, more
powerful way to manage relationships, the Relationship Management
Application (RMA) When SWIFTNet Phase 2 was completed in 2008, all
SWIFTNet FIN users were mandated to use RMA instead of BKE to
manage relationships. SWIFT has designed RMA to be easier to use
than BKE. RMA offers more control than BKE including:
•
•
•
Who can send the user messages
What they can send (which message types)
When they can send messages
The overall objective of RMA is to stop unwanted traffic at the sender.
By this, users save time and effort in treating this traffic, and are less
exposed to risks of wrongly processing such unwanted traffic. This helps
protect the users against audit and regulatory compliance risks, and helps
to avoid fines and damage to reputation.
WHAT ARE THE ROLES OF THE PARTICIPANTS AND THE
BANKERS ASSOCIATION OF THE PHILIPPINES (BAP), CHAMBER
OF THRIFT BANKS (CTB), INVESTMENT HOUSE ASSOCIATION OF
THE PHILIPPINES (IHAP), THE RURAL BANKERS ASSOCIATION OF
THE PHILIPPINES (RBAP), AND THE PHILIPPINE FINANCE
ASSOCIATION (PFA) IN THE OPERATIONS OF PhilPaSS?
a. Participants
Participants shall be responsible for the upgrading, testing and
maintenance of their Computer Based Terminal (CBT) for the SWIFT FIN
Service Facility or PPS-FES to ensure uninterrupted linkage with the
system and shall ensure that a back-up computer site configuration is
available to recover the participant’s systems operations if its primary
computer fails.
b. BAP, CTB, IHAP, RBAP, and PFA
The BAP, CTB, IHAP, RBAP and PFA were designated by their
members to negotiate and sign the agreement for PhilPaSS and as such,
they shall be responsible for ensuring that their member banks/financial
institutions adhere strictly to the terms and conditions of the PhilPaSS
agreement and PhilPaSS rules and regulations.
13
WHAT ARE THE REQUIREMENTS FOR ADMISSION OF NEW
PARTICIPANTS TO PhilPaSS?
a. All banks and non-banks with quasi-banking licenses are allowed to
participate in PhilPaSS.
b. An applicant is required to send its application for participation and a
certification of good membership standing from the association where
the institution is affiliated such as the BAP, CTB, IHAP, RBAP, PFA or
the Philippine Clearing House Corporation (PCHC).
c. The BSP’s Payments and Settlements Office shall advise the applicant
on the other PhilPaSS admission requirements immediately after its
initial review of the supporting documents submitted by the applicant.
If the application of a prospective participant is deferred due to
deficiencies in documentation/requirements, the applicant shall be
directed to re-submit its application after it has complied with the
documentation requirements.
ARE THERE ADMISSION
PARTICIPATION IN PhilPaSS?
OR
MEMBERSHIP
FEES
FOR
Other than the qualifying requirements mentioned in the preceding
section, there are no admission or membership fees for participation in
PhilPaSS. A wide-scale use of PhilPaSS is encouraged to promote overall financial stability. Participants, however, pay transaction fees for using
the system.
14
WHAT ARE THE APPLICABLE TRANSACTION AND OTHER FEES OF
PhilPaSS?
Effective 01 February 2008, the revised fees (for PhilPaSS
transactions, exclusive of SWIFT related costs) are as follows:
New Fees
MBR No. 47 (2008)
TYPES OF FEES
A. Transaction fees
1. Interbank (Debits)
2. Payment vs. Payment
3.
4.
5.
6.
(PVP) transactions –
PFX
Delivery vs. Payment
(DVP) transactions – BTrGS / FIE / Equities
PCHC transactions (Win /
Loss)
ATM Network/MegaLink
transactions
Electronic Fund Transfer
Instruction System
(EFTIS)
7. Customer
Transaction value
IMPLEMENTATION
DATE
Fee per
Transaction
February 1, 2008
1.00 - 100.00
FREE of Charge
101.00 - 500,000
Php 5.00
500,001 - 1,000,000
10.00
1,000,001 - 39,999,999.99 Ad Valorem Fee =
Trans. Value x
.00001
(Round to nearest
Peso)
40,000,000 and Above
February 1, 2008
February 1, 2008
February 1, 2008
February 1, 2008
February 1, 2008
400.00
payments/transfers
8. Manual processing of
inter-bank transactions:
RTGS/EFTIS
B. Other Fees
P1,000.00 + Ad Valorem Fee (TV x .00001)
OR P5,000.00, whichever is LOWER
February 1, 2008
MBR No. 1851(2003)
Via SWIFT - P100.00 per inquiry
Via PhilPaSS Participant Browser (PPB) - FREE
March 2004
February 2012
2. S O A Request (Printout)
Via SWIFT - P100.00 per inquiry
Via PhilPaSS Participant Browser (PPB) - FREE
March 2004
3. Intraday Liquidity Facility
Pending Implementation of the New ILF System
March 2004
1. (Online) Transaction
inquiries
4. Monthly Access/Connection
Primary
Back-up
Fee
• PCHC
• MegaLink
• PSSC
FREE
FREE
FREE
FREE
FREE
FREE
Effective July 2008
(MBR No. 849 dated
2 July 2008)
5. Annual License fee
• Electronic Fund
Transfer Instruction
System (EFTIS)
FREE
Effective July 2008
(MBR No. 849 dated
2 July 2008)
• Phils. Payments
FREE
System-Front End
System (PPS-FES)
6. Administration Fees
15
• EFTIS/PPS/SWIFT
a. Registration new
users/profiles
b. Installation of
new/add’l
workstations (excl.
SWIFT)
P2,000.00/user up to two (2) years
March 2004
P5,000.00/workstation
st
(1 installation is Free of charge)
WHAT ARE THE SYSTEM RULES AND REGULATIONS GOVERNING
PhilPaSS?
The system rules and regulations governing PhilPaSS are
embodied in the Agreement for the Philippine Payments System via Real
Time Gross Settlement (PPS-RTGS) and the Rules and Regulations
Governing the Philippine Payments System via Real Time Gross
Settlement that were signed and approved individually by the PhilPaSS
participants.
IS THERE A LIMIT ON THE VALUE OR RESTRICTIONS ON
TRANSACTIONS THAT CAN BE ENTERED IN THE PhilPaSS?
There are no limits on the value or type of transactions that can be
entered in the PhilPaSS provided both counter-parties are maintaining
Demand Deposit Accounts in PhilPaSS and the value dates of the
transaction are equal to the current business date of PhilPaSS. If the
transactions are future dated, the value dates should not be more than
four (4) calendar days than the current value date of the system.
WHAT ARE THE IMPORTANT FEATURES OF PhilPaSS?
The PhilPaSS has the following salient and built-in security features in
processing its transactions:
a. Transaction Validation
All settlement and payment instructions by participants are subject to
verification to avoid possible duplication or unauthorized payments. The
following fields are normally validated prior to final settlement:
i.
ii.
iii.
iv.
Transaction reference number
Message type
Value date
Submitter’s network address (bank identifier
code-BIC)
b. Audit Trail
16
The system maintains sufficient information to resolve disputes
regarding the processing it had performed on behalf of the participants
and the BSP. Its audit records contain the time and date of events and
identity of the participant-bank who initiated the transaction.
c. Transaction Status Verification
Participants are able to verify the status of their settlement instructions
request by initiating the SWIFT or PPS-FES Payment Inquiry Request.
The transactions of the participants may have any of the following status:
i. Pending – payment had been on payment queue and settlement
status for the payment is still in abeyance.
ii. Warehoused – when the payment is received and the value date is
greater than the current value date. The System allows warehousing
of payments of up to four (4) calendar days.
iii. Rejected – transactions that are invalid due to abnormal business
reasons (i.e. back-valued transactions, duplicate payment instruction,
incomplete BIC of counterparty, invalid payment instruction format).
iv. Settled – transactions that were fully accepted, processed and
settled by the system.
d.
System Inquiries and Reports
Participants may issue the following requests/inquiries and secure
various reports through the system using applicable SWIFT/PPS-FES
message types:
i. Request for cancellation of payment instruction
ii. Report on details of unsettled payments
iii. Account inquiry message (account balance, account movements
details)
iv. Payment inquiry request (details of debit or credit entries to the
account)
v. Request for status of unsettled payment
e. Payment Queuing Prioritization
Debit instructions that cannot be settled due to insufficient funds in the
DDA of the participants will be held on queue until the system has
checked that adequate funds are received by the DDA to allow
settlement. Pending debit instructions that are on queue will be settled
based on business priority in the order of arrival or in First-In-First-Out
basis. The system will send an automatic SWIFT advice for the details of
the debit instruction that is causing the queue and the participants may
then decide whether there is a need to change the business priority of the
item in queue or cancel their other payment messages that are also in
17
queue. Participants may request the change in business priorities of their
other critical and urgent transactions to allow their settlement if there is
sufficient balance in their DDA.
f.
Gridlock Resolution
The system has the capability to initiate gridlock resolution through its
algorithm method every thirty minutes whenever two (2) or more payment
instructions of participants remain unsettled. Payment queues that are
not settled in the initial gridlock resolution will be considered in the next
processing of unsettled payments which will be initiated by the System
every thirty (30) minutes to settle payments on queue during the PhilPaSS
business day.
g. Intraday Liquidity Facility (ILF)
The system also provides the processing of ILF to ensure the
continuous settlement of interbank transactions and to avoid payment
gridlock in the system. Any participant who wishes to avail itself of the ILF
will have to submit the required documentation to obtain approval from the
BSP Treasury Department in coordination with the Bureau of Treasury
(BTr).
Access procedures to BSP’s ILF System are provided for under a
separate, independent Memorandum of Agreement (MOA).
HOW PhilPaSS WORKS?
1. At 8:55 am, PhilPaSS extracts the beginning balances of the
Demand Deposit Account of each participant bank from the BSP’s
Core Financial Accounting System which maintains the General
Ledger of Accounts. From 9 am to 5:45 pm, PhilPaSS accepts
transactions from its participants and third party systems providers.
18
2. To illustrate an interbank fund transfer or settlement of obligation of
one bank with another bank, Bank A sends electronic message to
PhilPaSS thru SWIFT or PhilPaSS Participant Browser (PPB) to
debit its Demand Deposit Account (DDA) and credit the DDA of its
counterparty, Bank B.
3. Electronic message instructions are transmitted to PhilPaSS via
SWIFT/PPB. PhilPaSS determines if there is adequate balance in
Bank A’s DDA. If DDA balance is sufficient, PhilPaSS settles the
transaction.
4. PhilPaSS sends payment confirmation to Bank A and Bank B via
SWIFT/PPB that transaction has been settled (debit/credit).
5. During the same day, data files from the third party service
providers containing the net results of their operations are sent to
BSP for settlement in the DDA of the participant banks. In the
settlement of each of the transactions in the data files received,
processes nos. 2-4 above apply.
6. PhilPaSS automatically stops receiving electronic transactions at
5:45 pm. However, transactions that are still in transit at the time
the system closes can still be accepted by PhilPaSS for processing
as long as these transactions have been acknowledged by
SWIFT/PPB. Participants who need to settle obligations after the
PhilPaSS cut-off time may send their transactions to PSO for
settlement in the PSO manual settlement window. The window for
manual settlement is from 5:46 to 6 pm. At 6:05, PhilPaSS
generates the ending balance of the DDA of each bank, and
transfer all the transactions to cFAS for posting to the General
Ledger.
7. PSO closes at 7:00pm after it has generated all the required
reports and has performed other housekeeping procedures.
WHAT ARE THE OPERATING HOURS OF PhilPaSS?
Transactions in PhilPaSS are concluded by and among participants
during the following timelines:
TIMELINES
ACTIVITY
Back Value Window
7:30 a.m. – 8:00 a.m.
8:01 a.m. – 8:45 a.m.
9:00 a.m.
Posting/Settlement of PCHC AM Returns
BSP/Interbank window for Losses in AM Returns
RDDA balances (T-1) available on demand via EFTIS
Current Day’s Window
9:00 AM
Start of PhilPaSS business hours
Beginning balances generated for PhilPaSS-RDDA
19
Regular window for same day interbank transactions
Posting/settlement of other RDDA transactions (i.e. BTr and
other BSP departments)
4:45 PM – 5:45 PM
5:46 PM - 6:00 PM
6:00 PM
Up to 6:15PM.
Following are the cut-off times set for particular transactions:
11:00am - ATM transactions
12:00 noon - BSP-ECWS
4:00 pm - BTr - GS DvP transactions
4:00 pm - PSH - eDVP/Repo transactions
5:45 pm - PCHC-EPCS/ECCS, BSP-RP/RRP, PSH-PvP,
Interbank Borrowing/Lending
Trading and settlement for end-of-day liquidity and reserve
positions
During the day, banks can inquire their balances in PhilPaSS
either through SWIFT MT920*/950 or PhilPaSS Participant
Browser reports.
PhilPaSS window for manual settlements, if any.
PhilPaSS Close of Business
Final copy of PhilPaSS-RDDA balance via MT950
*request of statement thru MT920 will generate MT941 or 942
In the event that a non-working day for government agencies but
not for banks is declared, the following policies will be observed by the
BSP and PhilPaSS participants:
a. If the declaration is received by the BSP prior to or on the same day as
the date covered by declaration:
Time of Receipt of Announcement
1. On an ordinary business day prior
to the date of effectivity
2. On a Saturday or Sunday to take
effect the following Monday or on a
non-working holiday to take effect
the next business day
a. Under good weather
conditions
b. Under bad weather
conditions, i.e., Typhoon
signal no. 3
3. Before 9:00am on the same
date as effectivity
4. After 9:00am on the same date
as effectivity (Day 1)
PhilPaSS
Closed
Check
Clearing
No
settlement
Treasury
Window
Closed
Open
Normal
Open
Closed
No
clearing
Closed
√
Closed
No
clearing
Normal
Closed
√
(Day 2)
Open
1:00PM
Normal
Closed
No
settlement
5. In case of suspension of work is
extended to Day 2
a. Before 9:00am of Day 2
(Day 2)
Open
1:00PM
20
Suspended;
to be
resumed the
following
day at
9:01am to
9:45am
Open
Closed; Day
1
transactions
Non
Reserve
Reserve
√
√
√
√
√
(Day 3)
6.
Open
Normal
b. After 9:00am of Day 2
(Day 2)
Open
Normal
(Day 3)
Open
Normal
Open
Normal
In case the suspension if work
does not apply to all gov’t
offices (Manila Day, Quezon
City Day)
will be
moved to
Day 3 (for
value Day 1)
Resumed
from 9:019:45am (for
value Day 1)
Then, 4:455:30 for
same day
transactions
Resumed
from 9:019:45am (for
value Day
1),
Then, Day 2
transactions
suspended
to be
resumed the
following day
from 9:01am
to 9:45am
Resumed
from 9:019:45am (for
value Day
2), then,
4:45pm to
5:30pm for
same day
transactions
Open
√
√
√
√
b. Since the prior day’s end-of-day procedures will be performed on the
following banking day from 9:00AM to 1:00PM, there will be a
maximum four (4) hour delay in the system opening of the next
banking day (i.e., to start at 1:00PM instead of 9:00AM).
c. If work suspension is extended up to the next banking day, banks shall
close, but they may opt to conduct over-the-counter transactions.
There will be no clearing and it will be considered a Non-Reserve day.
Transactions will be valued the next banking day.
d. The BSP may suspend the BSP trading and settlement windows as
the need arises under abnormal situations.
e. Peso-US Dollar trading shall also be available unless jointly
suspended by the BSP and the BAP.
CAN A PARTICIPANT REQUEST THE REVERSAL OF ITS SETTLED
TRANSACTION IN CASE AN OMISSION OR ERROR WAS
COMMITTED IN THE TRANSMISSION OF ITS PAYMENT
21
INSTRUCTION (i.e., INCORRECT COUNTER-PARTY, OVERSTATED
AMOUNT)?
All transactions settled in PhilPaSS are considered final and
irrevocable. Participants are therefore not allowed to request the reversal
of their erroneous transactions from the BSP Payments and Settlements
Office. Participants may request for the cancellation of their payment
instruction through the standard SWIFT/PPS-FES message format
SMT200 if the payment instructions are still unsettled and pending in the
system.
IN THE EVENT THAT PhilPaSS IS INOPERABLE, HOW WILL THE
PARTICIPANTS TRANSMIT THEIR PAYMENT INSTRUCTIONS TO
THE BSP FOR PROCESSING AND SETTLEMENT?
PhilPaSS has two (2) back-up systems, the local back-up facility
within the BSP Complex and the off-site location that can be made
operational immediately in the event that the primary site is inoperable. In
case the two back-up systems are also inoperable due to extraordinary
circumstances, the BSP can activate its existing Electronic Fund Transfer
Instruction System (EFTIS) to allow the participants to send their
interbank instructions to BSP for processing and settlement. All PhilPaSS
participants will be duly advised through SWIFT and PPS-FES
message/advisories on the contingency plan(s) that the BSP will initiate in
case PhilPaSS’ primary site is encountering technical problems.
HOW CAN A PARTICIPANT TRANSMIT ITS PAYMENT INSTRUCTION
TO PhilPaSS IN CASE ITS SWIFT COMPUTER-BASED TERMINALS
OR PPS-FES ENCOUNTER CONNECTIVITY PROBLEM WITH
PhilPaSS?
The participants may resort to manual settlement by accomplishing the
PhilPaSS COB Manual Settlement Form and transmit the same (via fax)
to BSP-PSO for processing and settlement. After processing and
settlement, i.e. signature-verification, encoding and authorization, the
BSP-PSO shall return (via fax) the processed PhilPaSS COB Manual
Settlement Form to the sending participant-bank indicating that the
requested manual instruction settlement has been effected.
WHICH BSP DEPARTMENT CAN THE BANKS/FINANCIAL
INSTITUTION CONTACT FOR REFERRAL AND ASSISTANCE, FOR
INQUIRIES RELATED TO PhilPaSS?
The banks/financial institutions may contact the following
departments/ units in BSP for any operational problem/issues/queries
related to PhilPaSS:
22
For policy and operational matters
BSP Payments and Settlements Office
- Bella S. Santos
708-7542
- Eleanor S. Turaray
302-4184
523-3756
bsantos@bsp.gov.ph
eturaray@bsp.gov.ph
For payment, settlement, and other inquiries
BSP Payments and Settlements Office - Help Desk
e-mail: Payments_Unit@bsp.gov.ph
Help Desk Nos.
400-7071
400-7073
400-7022
400-7024
400-7062
523-3756
- Remedios C. Macapinlac
- Ma. Victoria H. Francisco
- Leticia A. Barroga
For system/hardware and technical matters
Information Technology Sub-Sector
- Natividad C. Rigodon
302-4191
23
nrigodon@bsp.gov.ph
PhilPaSS PARTICIPANTS
UNIVERSAL BANKS
Name of bank
BIC
Allied Banking Corporation
ABCMPHMMXXX
Asia United Bank
Corporation
AUBKPHMMXXX
Australia and New Zealand
Bank
Banco De Oro Universal
Bank
Contact person
Melita C. Tan
Isabelita M. Papa
Zita M. Los Baños
ANZBPHMXXXX
Lora E. Lopez
BNORPHMMXXX
Ruby A. Chua
Racquel D. Mañago
BDO Private Bank
BOPBPHMMXXX
Oscar C. Pambid
Ramona T. Torres
Bangkok Bank Public
Company Ltd
BKKBPHMMXXX
Phisit Charoenphan
Bank of America NA Manila
BOFAPH2XXXX
Henry T. Pelaez
Bank of China Manila
Branch
BKCHPHMMXXX
Dong Xiao Xia
Marina B. Espinosa
Bank of Commerce
PABIPHMMXXX
Wilma M. Escoto
Bank of the Philippine
Islands
BOPIPHMMTRY
Corazon S. Tumbocon
Bank of Tokyo Mitsubishi
Ltd.
BOTKPHMMXXX
Julieta D. Taopo
Diana Juguilon
Fernando S. Santos III
China Banking Corporation
CHBKPHMMXXX
Wilfredo L. Sy
David Andrew P.
Valdellon
Chinatrust Phil Commercial
Bank
CTCBPHMMXXX
Oliver D. Jimeneo
Citibank NA Manila Branch
CITIPHMXXXX
Joanna S. Paraiso
Vivien I. Lugo
CitiBank Treasury Unit
0043ITIPHMXTSU
Gabriel R. Tomas
Wilfredo E. Trinidad
Deutsche Bank AG
DEUTPHMMXXX
Christina I. Lara
East West Banking
Corporation
EWBCPHMMXXX Martin B. Ordoñez
Hong Kong and Shanghai
Bank
HSBCPHMMXXX
ING Bank NV
INGBPHMMXXX
Glenn S. Moneda
Jun C. Santos
Efren Reyes, Jr.
Benjamin A. Rodriguez
Mamerto R. Natividad
JP Morgan Chase Bank
CHASPHMMXXX
Irene L. Garcia
Mega International
ICBCPHMMXXX
Dorian Wu
24
Tel. No.
E-mail Address
816-5541
mctan@alliedbank.com.ph
papaim@asiaunited.com.ph
635-0458
losbanoszm@asiaunited.com.ph
818-8117
lopezm@anz.com
840-7000 loc 8200
rac@bdo.com.ph
848-6296
manago_racquel@pb.bdo.com.ph
848-6300 loc. 129
ocp@pb.bdo.com.ph
848-6300 loc. 123
rtt@pb.bdo.com.ph
752-0333
bangkokbank@bbl.com.ph
815-5600
henry.pelaez@bankofamerica.com
885-0111 loc 105/103
bocmnl_actg@bocgroup.com
810-0616
wmscoto@bankcom.com.ph
816-9188
cstumbocon@bpi.com.ph
886-7371 loc 401
juliet_taopo@ph.mufg.jp
886-7415
885-5677
fssantos@chinabank.ph
247-5353
wlsy@chinabank.ph
885-5207
dapvaldellon@chinabank.ph
848-7156
oliver.jimeneo@chinatrust.com.ph
894-7150
tricie.paraiso@citi.com
894-7340
vivien.lugo@citi.com
894-7451
gabby.tomas@citi.com
894-6845
wilfredo.trinidad@db.com
894-6696
christina.lara@db.com
830-8992
mbordonez@eastwestbanker.com
581-7072 / 73
glennmoneda@hsbc.com.ph
530-5443
479-8777
efren.reyes@asia.ing.com
479-8828
banjo.rodriguez@asia.ing.com
878-1169
mert.r.natividad@jpmorgan.com
878-1187
irene.l.garcia@jpmorgan.com
811-5807
Commercial Bank Co. Ltd.
Emelita S. Alba
Korea Exchange Bank
KOEXPHMMXXX
Olivia Joves
Maybank Philippines
Incorporated
MBBEPHMMXXX
Esperanza B. Cabreros
Dennis G. Suico
Metropolitan Bank & Trust
Co.
MBTCPHMMXXX
Eduardo C. Ramirez
Angel O. Pagaspas
Mizuho Corporate Bank
MHCBPHMMXXX
Philippine Bank of
Communications
CPHIPHMMXXX
Philippine National Bank
PNBMPHMMTOD
Tetsuharu Ishizuna
Angel M. Corpus
Aurora C. Mangerra
Teresita S. Cruz
Josefina T. Fullante
Philippine Veterans Bank
PHVBPHMMXXX
Joselito R.G. Nazario
Philtrust Bank
PHTBPHMMXXX
Antonio H. Ozaeta
Rizal Commercial Banking
Corp.
RCBCPHMMXXX
Robinsons Bank Corp.
RBSPPHM1XXX
Sylvia Herrera
Security Bank and Trust
Corp.
SETCPHMMXXX
Belen W. Au
Standard Chartered Bank
SCBLPHMMXXX
Seow Pang
Union Bank of the
Philippines
UBPHPHMMXXX
United Coconut Planters
Bank
UCPBPHMMXXX
Bank
Al Amanah Islamic Bank
Development Bank of the
Philippines
Land Bank of the
Philippines
Teofila D. Garces
Vivien L. Macasaet
Mardonio C. Cervantes
Doris Pagsisihan
Arnel A. Valles
icbcphmm@info.com.ph
848-0101 loc 207 & 208
kebmanila@keb.co.kr
848-0101 loc 207 & 208
olivia_joves@keb.co.kr
523-7777 locs. 123
ebcabreros@maybank.com.ph
857-5376
dennis.suico@metrobank.com.ph
898-8940
eduardo.ramirez@metrobank.com.ph
898-3837
angel.pagaspas@metrobank.com.ph
860-3500
tetsuharu.ishizuna@mizuho-cb.com
893-1439
amcorpus@pbcom.com.ph
893-3364
acmangerra@pbcom.com.ph
831-3257
cruzts@pnb.com.ph
526-3040
fullantejt@pnb.com.ph
751-8590
jgnazario@veteransbank.com.ph
524-9061
ptc@philtrustbank.com
894-9036
tdgarces@rcbc.com
894-9886
vilugo@rcbc.com
702-9500 loc. 239
sylvia.herrera@robinsonsbank.com.ph
888-7329
bau@securitybank.com.ph
878-2875
ng.seowpang@.standardchartered.com
638-0323
junc@unionbankph.com
667-6425
drpagsisihan@unionbankph.com
811-9303
aavalles@ucpb.com
SPECIALIZED GOVERNMENT BANKS
BIC
Contact person
Tel. No.
Nurzalyn H. Ladjabassal
816-4260
(Treasury)
nhladjabassal@al-amanahbank.com
ALAMPHM1XXX
Maharlika J. Alonto
816-4259
(Accounting)
mjalonto@al-amanahbank.com
810-3023 / 812-9427
DBPHPHMMXXX Dionisio Sarmiento, Jr.
djrsarmiento@dbp.ph
405-7528
Merceditas N. Oliva
moliva@mail.landbank.com
TLBPPHMMXXX
405-7235
Fely E. Joves
fjoves@mail.landbank.com
THRIFT BANKS
Bank
Allied Savings Bank
BIC
ASTBPHM1XXX
Contact person
Jaime L. del Bariio, Jr.
Asiatrust Development Bank ASDVPHM1XXX
Maria Patricia L. Salcedo
Carolyn R. Corro
Bank One Savings & Trust
Ma. Cristina L. Garcia
ONSTPHM1XXX
25
Tel. No.
E-mail Address
812-8352
delbarriojrjl@alliedbank.com.ph
924-5685 / 924-5639
mplsalcedo@asiatrustbank.com
tpu@asiatrustbank.com
713-6585
Corp.
BDO Elite Savings Bank
GEMBPHM1XXX
Arlene Joan T. Agustin
BPI Direct Savings Bank
BPDIPHM1XXX
Raul D. Dimayuga
BPI Family Savings Bank
BPFFPHM1XXX
Lucinda M. Peralta
BPI Globe BanKO
BGTBPHM1XXX
Teresita B. Tan
Century Savings Bank
CENSPHM1XXX
Josephine Ty Chua
Chinabank Savings
MABCPHM1XXX
Rafael V. Acoba
Citibank Savings
CSINPHM1XXX
Belen M. Dulay
Kristine C. Yujeco
City Savings Bank
CTSBPHM1XXX
Linda Flor P. D.
Hortezano
Citystate Savings Bank
CTYSPHM1XXX
Edgardo O. Olavario
Dumaguete City
Development Bank
DCTBPHM1XXX
Julio O. Sy, Sr.
Dungganon Bank
DBTBPHM1XXX
Syrel Z. Aplaon
Equicom Savings Bank
Dorothy Jacinto
ddjacinto@dungganonbank.com
Romali S. Yango
815-1049-53 loc. 127
yango@equicomsavings.com.ph
ESBBPHM1XXX
Racquel G. Robillos
First Consolidated Bank.
FIOOPHM1XXX
Sereno S. Sarabia
GSIS Family Bank
GSISPHM1XXX
Reynan B. Montojo
HSBC Savings Bank
HSBSPHM1XXX
Glenn S. Moneda
Hiyas Banking Corporation
HBTBPHM1XXX
Marilyn R. Cruz
Isla Bank
ISTHPHM1XXX
Elsie R. Peñol
Luzon Development Bank
LUDVPHM1XXX
Tita O. Isleta
Malayan Bank SMB
MAARPHM1XXX
Ma. Lourdes A. Morales
MRCBPHM1XXX
Marilyn F. Suarez
MXTBPHM1XXX
Ms. Lorna R. Taotjo
OPDBPHM1XXX
Mary Anne B. Antazo
PATBPHM1XXX
Rosario B. Aotriz
Merchant Savings and Loan
Association
Microfinance Maximum
Savings Bank (Maxbank)
Optimum Development
Bank
Pacific Ace Savings Bank
bankone_tsy@tri-isys.com
777-8686
arlene.agustin@ge.com
845-5304
rddimayuga@bpi.com.ph
754-6743
lmperalta@bpi.com.ph
722-8714
JCSY@bpi.com.ph
910-4780 to 87
centurybank@globelines.com.ph
864-5067 / 988-5555 loc.8785
rvacoba@manilabank.com
423-6641
belen.m.dulay@citi.com
995-9259
paw.yujeco@citi.com
(032)412-1747
lhortezano@citysavings.com.ph
6374195
eoolavario@citystatesavings.com
(035)225-3891 / 225-3892 /
422-9223 -94
dcdbank@globelines.com.ph
(034)432-3720 loc 112
szaplaon@dungganonbank.com
Palawan Development Bank PWDBPHM1XXX
Eric A. Mondragon
Penbank (A Private
Development Bank)
PBTBPHM1XXX
Brainard F. Rapisora
Philippine Business Bank
PPBUPHM1XXX
Alice P. Rodil
Philippine Postal Savings
Bank
PHPSPHM1XXX
Reynaldo C. Eustaquio
Philippine Savings Bank
PHLSPHM1XXX
Noli S. Gomez
Jay S. Velasco
Herman C. Salazar
Planters Development Bank PLDEPHM1XXX
Linda C. Yu
26
robillos@equicomsavings.com.ph
(038)411-5045
rss@greendot.com.ph
706-0477
rbmontojo@gsisfamilybank.com
581-7072 / 581-7073
glennmoneda@hsbc.com.ph
(044)641-1747
hiyasbank@yahoo.com
840-4014 / 840-4007
erpeñol@islabank.com
896-2655 / (049)531-3700
toisleta@luzondevbank.com.ph
840-1811
treasury@malayanbank.com.ph
894-9000 loc 1290
mfsuarez@rcbc.com
(043)287-3480
Ltaotjo@maxbank.com.ph
584-1492
mbantazo@optimum.com.ph
rose.aotriz@pacific-ace.com
(048)433-2489
head.office@thepalawanbank.com
(083)552-8788
bfrapisora@penbank.com.ph
363-3333 loc.2004
rodil_ap@pbb.com.ph
527-9570
postalbank.treasury@gmail.com
885-8241
nsgomez@psbank.com.ph
885-8367
jsvelaco@psbank.com.ph
840-2419
hcsalazar@plantersbank.com.ph
884-7600 loc. 5651
lcyu@plantersbank.com.ph
Producers Savings Bank
PSTBPHM1XXX
Josefina S. Monegas
Queen City Development
Bank
QCDFPHM1XXX
Alicia G. Sangrador
Jo-Anne C. Chan
RCBC Savings Bank
Ma. Dorothy D. Mendoza
ddmendoza@rcbcsavings.com
Rosemarie B. Maquiling
maquiling@rcbcsavings.com
RCSBPHM1XXX
Cristina F. Villalobos
Real Bank
RLBKPHM1XXX
Raquel T. Cabawatan
Security Bank Savings
PRDEPHM1XXX
Vilma U. Constantino
Joseph T. Sulit
Sterling Bank of Asia, Inc.
667-3022 / 667-3021
josefina.monegas@producersbank.co
m.ph
(033)336-8052 to 56 loc 119/120
treasury@queenbank.com.ph
894-9000 loc 2347
jcchan@rcbcsavings.com
SBAIPHM1XXX
Desiree ManlapazGuerero
Florenda C. Noche
Sun Savings Bank
SUSBPHM1XXX
Augusto S. Gonzalez
Tong Yang Savings Bank
Inc.
TYBKPHM1XXX
Belen E. Asuncion
UCPB Savings Bank
UCSVPHM1XXX
Evangeline P. Reyes
United Overseas Bank
Philippines
UOVBPHMMXXX
World Partners Bank
WRDPPHM1XXX
Gerardo Munarriz
David C. E. Goh
Roehl O. Dumlao
894-9000 loc. 1230
cfvillalobos@rcbcsavings.com
920-4526 / 927-4174
rtcabawatan@realbank.com.ph
853-0394 to 96
vuconstantino@premierebank.com.ph
535-6120
jtsulit@sterlingbankasia.com
535-6129
dtmanlapaz@sterlingbankasia.com
535-6143
fcnoche@sterlingbankasia.com
(032)272-9981 / 462-2011
asgonzalez@sunsavings.ph
845-3837 / 845-3838 loc.303
belena@tongyang.com.ph
811-9082
epreyes@ucpb.com
6700-8878
relos.ag@uob.com.ph
6700-8686
868-8167
rodumlao@worldpartners.com.ph
RURAL BANKS
Bank
BIC
Contact person
Aliaga Farmers Rural Bank
AFRBPHM1XXX
Judy L. Badua
Balanga Rural Bank
BARBPHM1XXX
Rose Ann Villanueva
Banco Rural ng Pasacao
PSRBPHM1XXX
Carlos F. Velasco
Banco Santiago de Libon
BSRBPHM1XXX
Lenieza S. Secreto
Banco San Enrique
(A Rural Bank)
SERBPHM1XXX
Arturo P. Muyco, Jr.
Bangko Kabayan
BKRBPHM1XXX
Cherry Lou F. Bacia
Bangko Mabuhay, Inc.
RTRBPHM1XXX
Edwin S. Fojas
Bank of Florida, Inc.
BFRBPHM1XXX
Atty. Elisa M. Laqui
Bank of Makati
BMRBPHM1XXX
Shirley O. Tan
BHF Rural Bank
BHRBPHM1XXX
Reynaldo B. Bonifacio
Cebuana Lhuillier Rural
Bank
CLRBPHM1XXX
Rosalinda O. Matias
Classic Rural Bank
CSRBPHM1XXX
Rustica E. Comia
Cooperative Rural Bank of
Bulacan
CBRBPHM1XXX
Emilie P. Dancel
Country RB of Taguig
TARBPHM1XXX
Raul T. Guerrero
Crown Bank
CWRBPHM1XXX
Reynaldo V. Bondoc
27
Tel. No.
E-mail Address
(044)945-0030 / 945-0037
farmbank_ho_1995@rbap.org
237-2820 / 237-2651
rbbalanga@rbap.org
(054)513-9113 / 513-9376
brpasacao@rbap.org
(052 486-2828
Bsdl1973@yahoo.com
(033)335-0355
Rbse2002@yahoo.com
(043)311-1420
cherrlou.bacia@bangkokabayan.com.
ph
(046)489-2001 to 04
info@bangkomabuhay,com
(045)963-5288 to 90
bankofflorida@rbap.org
843-2060
shirlvic_tan@yahoo.com
(072) 242-0495 to 96
boss@bhf.com.ph
473-6002 – Manila / (046)417-3366
rmatias@pjlhuillier.com
(043)723-5554
classicrb@rbap.org
(044) 670-0858 / 795-1544
epdancel@crbbulacan.com.ph
738-7759
crbti_ho@yahoo.com
(045)652-0006
First Isabela Cooperative
Bank
Emilio U. Rico
FIRBPHM1XXX
Atty. Hubert E. Molina
First Macro Bank (A Rural
Bank)
FMRBPHM1XXX
Arlene B. dela Rosa
First Midland Rural Bank
FDRBPHM1XXX
Rodolfo P. Yap, III
Enterprise Bank
EBTBPHM1XXX
Lourdes S. Cataquiz
Gateway Rural Bank
GWRBPHM1XXX
Jeditte Margaret Coloma
GM Bank
GMRBPHM1XXX
Tomas S. Gomez IV
Guagua Rural Bank
GGRBPHM1XXX
Iluminda M. Dizon
Janiuay Rural Bank
JARBPHM1XXX
Ma. Jian L. Barredo
Katipunan Bank (Zamb del
Norte), Inc.”A Rural Bank “
KTRBPHM1XXX
Leticia G. Loquinario
Limcoma Rural Bank
LCRBPHM1XXX
Menie B. Valle
Lipa Rural Bank
LBRBPHM1XXX
Paulynne Rose G. Go
Municipal RB of Libmanan
LIRBPHM1XXX
Nordita B. Malinao
One Network Bank
NWRBPHM1XXX
Alex V. Buenaventura
Planbank “Rural Bank of
Canlubang Planters, Inc.”
PBRBPHM1XXX
Imelda D. Edeza
Cyren L. Dalisay
Quezon Capital Rural Bank
QCRBPHM1XXX
Evelyn B. Saculles
Racso’s Bank, Inc. ( A Rural RCRBPHM1XXX
Bank)
Janette Garin-Colada
Rang-ay Rural Bank
RARBPHM1XXX
Ives Q. Nisce
Rural Bank of Abucay
ABRBPHM1XXX
Romeo T. Tumalad
CIRBPHM1XXX
Lirio A. Gustilo
Rural Bank of Calinog
(Iloilo), Inc.
Rural Bank of Camalig
(Albay), Inc.
CMRBPHM1XXX
Rosemarie N. Orpiada
Rural Bank of Guinobatan
GURBPHM1XXX
Paulo R. Honrado
Rural Bank of Jaen
JNRBPHM1XXX
Joel Dasig Binuya
Rural Bank of Jose
Panganiban
JPRBPHM1XXX
Roberto V. Torres
Rural Bank of Liloy
LLRBPHM1XXX
Ms. Myrienn L. Sisor
Rural Bank of Limay
LMRBPHM1XXX
Nory F. de la Cruz
Rural Bank of Miagao
MLRBPHM1XXX
Rey N. Flores
Rural Bank of New
Washington (Aklan), Inc.
WNRBPHM1XXX
Raul D. Balandra
Maria Ramona P.
Magalona
Alma T. Tachagon
Rural Bank of Oton (Iloilo),
Inc.
OTRBPHM1XXX
Rural Bank of Pagbilao
RPRBPHM1XXX
Don Martin Glorioso
PIRBPHM1XXX
Rodolfo D. Pizarro
SIRBPHM1XXX
Tim James L. Monasterio
SVRBPHM1XXX
Catherine D. Torres
Rural Bank of Pilar
(Bataan), Inc.
Rural Bank of San Jose
(CamSur), Inc.
Rural Bank of San Vicente
28
crownbank@rbap.org
(078)307-0998 / 307-0940
emil@yahoo.com
hubertemolina@yahoo.com
642-1620 loc. 112
1stmn.arlene@gmail.com
(033)530-9027 / 396-0737
fmrbi@yahoo.com;
randy_yap@yahoo.com
(02)847-6569
(044) 693-3451
gatebankruralbank@yahoo.com
(044) 940-6000
tg4@gmbank.com.ph
(045) -901-0234
idizon@yahoo.com
(033) 531-8430
rbjaniuay@rbap.org
(065) 212-9807
ebh.esparaguera@katipunanbank.com
(043) 726-2602
limcomarb@rbap.org
(043)756-2411 loc 204
lipabank@yahoo.com
(054)511-8178 / 451-2184
mrblibmanan@rbap.org
(082)234-3631
onrbi@onenetworkbank.com.ph
(049)545-7094 to 96
ide@planbank.org
(042)710-3182
ebsaculles@qcrblive.com
(033)315-5005 / Fax (033)315-5582
racbankguimbal@yahoo.com
(72)242-5661 to 63
headoffice@rangaybank.com
(047)244-4145
bancoabucay@yahoo.com
(033)347-1924
rbcalinog@yahoo.com
(052)480-0801
camaligbank@gmail.com
(052)484-6439
rbguinobatan@yahoo.com.ph
(044) 486-5572;486-2702
rbjaen@rbap.org
(054)731-1046 / 731-1138
Rbjpinc-jpcnorte@yahoo.com
(065)311-1022
rbliloy@rbap.org
(047)244-4501 / 243-8462
rblimay@rbap.org
(033)315-8005 / 513-7716
rbmiagao@rbap.org
(036)264-3355 / 264-3358
rbnewwashington@rbap.org
(033) 337-1702
nina@rbankoton.com/rboton@rbap.or
g
(042)731-1380
rbpagbilao@yahoo,com
237-2560; 791-5398
rbpilar@rbap.org
(054) 472-3295
bankofsanjose@yahoo.com
(054)447-3020 / 440-1432
rbsanvicente@rbap.org
Rural Bank of Sasmuan
SMRBPHM1XXX
Geraldine S. Limpin
SPRBPHM1XXX
Milagros C. Florin
SIRBPHM1XXX
Roman L. Belmonte, Jr
San Fernando Rural Bank
SFRBPHM1XXX
Mr. Hener C. Nilo
Tiaong Rural Bank
TORBPHM1XXX
Carlo Angelo T. Trinidad
Valiant Bank
VBRBPHM1XXX
Zambales Rural Bank
ZMRBPHM1XXX
Rural Bank of Sipocot
(Camarines Sur), Inc.
Rural Bank of Sta. Ignacia
(SIGNA Bank)
Maria Thelma Louella M.
Guillamas
Maria Leonora C.
Faustino
(045)900-2507 / 434-0636
sasbanksasmuan@yahoo.com
(054)256-6011
rbsipocot@rbap.org
(045) 605-0058; 605-0327
signabank@rbap.org
(045)963-3620
Saferbank@rbap.org
(042)652-1950 / 545-8450
catrinidad@trbi.com.ph
(033)338-3524 / 336-8440
Mtlmg033@yahoo.com.ph
(047)223-4964 / 222-2678
zbolo@info,com.ph
NON-BANK QUASI BANKS
Bank
BIC
Contact person
AB Capital and Inv. Corp.
CAVPPHM1XXX
Ricardo E. Enriquez
BPI Capital Corp
BPAPPHM1XXX
Teodoro K. Limcaoco
BPI Card Finance Corp.
BPCNPHM1XXX
Ms. Ma. Ysabel P.
Sylianteng
BPI Leasing Corp
BPLIPHM1XXX
Samuel C. Tang
First Malayan Leasing &
Fin.
FMLFPHM1XXX
First Metro Investment
Corporation
FMICPHM1XXX
Metrobank Card
Corporation
Multinational Investment
Bancorporation
Orix Metro Leasing and
Finance Corporation
Philippine Commercial
Capital Inc.
Philippine Depository &
Trust Corp.
Lovella A. Barcenas
Irma E. Japson
Danilo G. Olondriz
898-7559
reenriquez@abcapital.com.ph
816-9612
tklimcaoco@bpi.com.ph
816-9519
bpi_ucad_regulatory@bpi.com.ph
816-9758
sctang@bpi.com.ph
8109660 loc. 131
labarcenas@malayanleasing.com
810-9668 loc 121
ejapson@malayanleasing.com
243-3058
danny.olondriz@firstmetro.com.ph
Annalyn T. Famy
898-7082
afamy@metrobankcard.com
Maribeth Rosales
898-7392
mrosales@metrobankcard.com
MCNBPHM1XXX
MUIAPHM1XXX
Evelyn D. Katigbak
OXNBPHM1XXX
Edna L. Layosa
PCCIPHM1XXX
Willie G. Mondia
PDTCPHM1XXX
Teresa N. Napilay
Ruth B. Gutierrez
RCBC Capital Corporation
Tel. No.
E-mail Address
RCCOPHM1XXX
Jaywin R. Mina
State Investment Trust Inc.
STIVPHM1XXX
Toyota Financial Services
Phils. Corp.
TNBKPHM1XXX
Ma. Luisa O. Bongat
Judith B. Enriquez
Rosalie R. Palatino
Carissa Panlaque
811-0095 / 817-1511 loc.214
operations@mib.com.ph
858-8835
ellayosa@orix.com.ph
813-3423 / 815-0628 loc. 140
willie.mondia@pccigroup.com.ph
884-5034
tere_napilay@pds.com.ph
845-3406
rbgutierrez@rcbc.com
894000 loc 2218
jrmina@rcbc.com
242-6888 / 242-1140
stateinc@info.com.ph
stategroup_cashdepartment@yahoo.c
om
756-7423
sally.p@toyotafinancial.ph
756-7431
carissa.panlaque@toyotafinancial.ph
BSP OFFICES
Department/Office
BSP Payments and
Settlements Office
BSP Provident Fund Office
BIC
Contact person
Bella S. Santos
PHCBPHMDXXX
Eleanor S. Turaray
Victor G. Garlitos
29
Tel. No.
E-mail Address
708-7542
bsantos@bsp.gov.ph
302-4184
eturaray@bsp.gov.ph
525-0765
vgarlitos@bsp.gov.ph
CB Housing Fund
CB Provident Fund
CB Car Plan Fund
CB Housing Fund III
CB Longevity Trust Fund
PFO Cebu Pacific
Ticketing
CBPHPHM1XXX
CBPFPHM1XXX
CBCPPHMIXXX
CBHTPHM1XXX
CBLTPHM1XXX
CBCEPHM1XXX
THIRD PARTY SYSTEM PROVIDERS
Agency/Department/Office
BIC
Contact person
Bureau of the Treasury
Eduardo S. Mendiola
Philippine Clearing House
Corporation
Eduardo J. Katigbak, Jr.
Philippine Dealing System
(PDS)
Baby dela Cruz
BancNet
Elmarie Reyes
MegaLink
Jennifer M. Tantan
30
Tel. No.
E-mail Address
527-3183; 522-8122 loc 204
esmendiola@treasury.gov.ph
886-1348
ed.katigbak@pchc.com.ph
884-5025
baby_delacruz@pds.com.ph
856-8190; 856-8196
emmie.reyes@bancnetonline.com
892-1046
jmt@megalink.ph
REFERENCES
Bank for International Settlements – Committee on Payment and Settlement
Systems, A glossary of terms used in payments and settlements system. 2003
<www.bis.org>
Bank for International Settlements – Committee on Payment and Settlement
Systems, Core Principles for Systemically Important Payment System, 2001
<www.bis.org>
Bangko Sentral ng Pilipinas, Agreement for the Philippines Payment System via
Real Time Gross Settlement (PPS-RTGS). 2002
Bangko Sentral ng Pilipinas, Rules and Regulations Governing the Philippines
Payments System Via Real Time Gross Settlement (PhilPaSS)
SWIFT, SWIFT FIN Copy Service Description. March 2000
SWIFT, SWIFTNet Messaging Service – SWIFTNet RMA Service. March 2008
Bank of England, Oversight of Payment Systems. November 2000
Bank of England, Settlement Accounts. November 2002
Lamberte, Mario, The Philippine Payment System: Efficiency and Implications for
the Conduct of Monetary Policy. (Discussion paper Series No. 2001-20)
31