The Bangko Sentral ng Pilipinas (BSP) has called on banks and payment system operators to help develop a 24/7 real-time payment system for the country.
Speaking at the 2025 Peso Real-Time Gross Settlement (RTGS) Forum, BSP senior assistant governor Edna C. Villa asked participants to collaborate in designing a round-the-clock RTGS system. “Handa na ba tayo sa 24/7 na RTGS? I encourage us to design that future together,” Villa told the 350 attendees representing banks, e-money issuers, and clearing operators.
The BSP currently operates PhilPaSSplus, the country’s RTGS system, which runs from 9:00 a.m. to 5:45 p.m., Mondays to Fridays. Moving to 24/7 operations would allow faster real-time settlements, support cross-border transactions, and boost activities such as remittances, e-commerce, and bond trading.
The forum, held in September and October 2025, also marked PhilPaSSplus’ fourth anniversary. Discussions included updates on holiday operating procedures, the ISO 20022 standards project, customer satisfaction surveys, and enforcement of penalties for non-compliant participants.
Industry partners such as BancNet, SWIFT, and the Philippine Clearing House Corp. joined the BSP in exploring ways to strengthen the country’s digital payment ecosystem.
An RTGS system processes and settles payments instantly and individually, making it crucial for a faster and more secure financial system.
