Slider
Slider

PhlPASS transactions slightly drop in Q4

MANILA, Philippines – The number of transactions made through the Bangko Sentral ng Pilipinas’ payments and settlements system fell in the last quarter of 2013, the central bank said in a report.

The total volume of transactions settled and processed at the Philippine Payments and Settlements System (PhilPASS) went down four percent to 325,446 in the fourth quarter from 339,543 the previous quarter.

The BSP said this was due to a decrease in the following: interbank sale and purchase of foreign currency via payment-versus-payment; Megalink transactions; tertiary transactions on government securities via expanded delivery-versus-payment; BSP Cash Department transactions; and BSP Treasury Department transactions.

This resulted in a three-percent decline in the total value of transactions to P81.2 trillion in the fourth quarter, the BSP said.

“The decrease in the total transaction value was due to the contraction in the following accounts: tertiary transactions on government securities via expanded delivery-versus-payment; interbank sale and purchase of foreign currency via payment-versus-payment; BSP Cash Department transactions; and BSP Treasury Department transactions,” the central bank added.

PhilPASS is the BSP’s gross settlement system wherein processing and final settlement of fund transfer happens in real time. The system handles high-value payments between banks through their deposit accounts maintained with the BSP.

On a year-on-year basis, the volume of transactions fell one percent to 329,815 in the fourth quarter.

The value of transactions, meanwhile, slid 18 percent to P98.4 trillion, the BSP said.

PhilPASS is used for the settlement of overseas Filipinos’ remittances, fund transfers and loan transactions between banks, sale and purchase of government securities, and foreign currency dealings.

Source: http://www.philstar.com/business/2014/04/20/1313884/phlpass-transactions-slightly-drop-q4

BSP MEMORANDUM NO. M-2013-055: Standard Coding for PhilPass Transactions

The Bangko Sentral ng Pilipinas (BSP), with its mandate to ensure a safe and efficient payments system, will be implementing a standard transaction coding system in order to properly identify the nature of banks’ funds transfer and payment instructions that are coursed through PhilPass for settlement.

To get a copy of the BSP Memo, please click on this link: BSP Memorandum No. M-2013-055

Total financial value of PhilPass transactions increase to 54 percent

The following article published by The Philippine Star reports the substantial increase in total value of financial transactions handled by the Bangko Sentral ng Pilipinas’ PhilPass system.  Published on the 15th of November, the article stipulates that the jump occurred in the first quarter of 2011 due to the steady rise of remittances of Filipinos working abroad and, improved economic condition in the country.   To quote verbatim: “Data released by the BSP showed that…transactions…reached P147.81 trillion between January and June this year of P52.11 trillion more than the P95.7 trillion handled by the same system in the same period last year.”

The PhilPass System is part of the BSP’s  effort to help the OFWs by providing cheaper, faster yet, efficient way of sending money back to the Philippines .  RBAP is one of the four banking and financial institutions that have entered into an agreement with BSP to carry out this new cost effective process of interbank transaction.

For more information on this and other factors, which contributed to the better than expected performance, please click the attached URL link below:

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=748126