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Manila Bulletin devider Business devider Banking & Finance devider BSP proposes near 24/7 operation for large-value payments

BSP proposes near 24/7 operation for large-value payments

Published Dec 18, 2025 01:46 pm
The Bangko Sentral ng Pilipinas (BSO) is proposing to extend the operating hours of its large-value payment system to near 24/7, seeking to bridge the gap with global peers and reduce settlement risks for digital transactions.
In a statement, the BSP said the central bank plans to increase the availability of the peso Real-Time Gross Settlement (RTGS) system, known as PhilPaSSplus, to 154 hours a week from the current 43.74 hours.
Under the proposal, the system would run 22 hours a day, seven days a week, leaving a two-hour daily window for maintenance and testing.
The shift aims to modernize a system that currently operates only nine hours a day, five days a week, trailing the 135.5-hour average across Europe, the Middle East, and Africa. By moving to an “always-on” model, the BSP expects to support better cross-border transfers and domestic retail platforms like InstaPay and PESONet.
The central bank noted that because retail payment systems and ATMs operate outside current RTGS cut-off times, final settlement is often deferred until the next business day. This delay creates overnight liquidity exposures for financial institutions.
Extending the window would bring the Philippines in line with jurisdictions such as the United States (US), China, and the Eurozone, which maintain near 24/7 operations.
PhilPaSSplus is the nation's sole financial market infrastructure for settling time-critical transactions in central bank money. It handles interbank fund transfers, securities transactions, government disbursements, and the peso leg of foreign exchange trades. The BSP said the evaluation is timely as global financial markets shift rapidly toward real-time services.
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