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 MAJOR PAYMENT INSTRUMENTS IN THE

PHILIPPINES?

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
3
Ibid., p29
4
Ibid., p45
5
Ibid., p36
6
Ibid., p29
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 retailers account.

d. Stored Value Card

7
Ibid., p12
8
Ibid., p16
9
Ibid., p19
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 banks 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 Globes 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
Ibid., p47
11
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 cardholders 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 countrys 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. BSPs 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 Participants 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 banks 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
MIPS2s interbank transactions were automatically listed as participants in
PhilPaSS.

The following are the participants in PhilPaSS12:

i. Bangko Sentral ng Pilipinas (BSP)

ii. Universal and Commercial banks
iii. Specialized Government banks
iv. Thrift and Savings banks
v. Rural and Cooperative banks
vi. 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 financial

intermediaries performing quasi-banking functions (NBQBs)

b. Purchase and sale of government securities under outright and

repurchase agreements between and among banks and NBQBs and
BSP in connection with the latters 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 on-
demand in various file formats (4) enabling banks to transmit their
financial transactions to their counterparties through the BSPs
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 BSPs 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 Participants Computer-Based Terminals (CBTs).

9
The following diagram shows the basic system components of PhilPaSS:

PhilPaSS (RTGS) COMPONENTS

SWIFT USERS
SWIFT INTERBANK TRANSACTIONS
ALLIANCE
SERVER (9:00AM 5:45PM)

BEGINNING ELECTRONIC CASH WITHDRAWAL

OF DAY (9:00AM 12:00 NOON)
NON-SWIFT USERS
BALANCES
(09:00AM) PPS INTERBANK TRANSACTIONS
FRONT- (90:00AM 5:45PM)
END
CORE (RTGS) SYSTEM ELECTRONIC CASH WITHDRAWAL
FINANCIAL INTRA-DAY CENTRAL (9:00AM 12:00 NOON)
ACCOUNTING cFAS ACCOUNTIN
SYSTEM (cFAS) TRANSACTIONS G SYSTEM MEGALINK
(9:00AM 5:45PM) ATM TRANSACTIONS
(CAS)
(9:00AM 11:00AM)

PSSC
PAYMENT VS. PAYMENT (USD SALE)
BSP BRANCHES (9:00AM 5:45PM)
RTGS
REGIONAL CASH EFTIS
TRANSACTIONS TRANSACTIONS THIRD
PARTY REVENUE COLLECTIONS
(6:00PM)
OPTION (9:00AM 2:00PM)

PCHC
EPCS/ECCS
INTERNAL TRANS (3:30pm 4:45PM)
OTHER TRANS AFFECTING DDA
AS/400 RS6000 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. MT102 - Multiple customer credit transfer

b. MT103 - Single customer credit transfer
c. MT202 - General financial transfer
d. MT205 - Financial institution transfer execution
e. MT298 - Proprietary message type for various functions (i.e.
cancellation request, business priority change request, unsettled
payment information)
f. MT920 - Account inquiry request
g. MT800 - Payment inquiry request
h. MT801 - Request for status of unsettled payments
i. 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

MT 012 or MT 019 Dial-up

MT 012 = Accepted Connection
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

BSP-HO
SWIFT
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
senders 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 participants 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 BSPs 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 OR MEMBERSHIP FEES FOR

PARTICIPATION IN PhilPaSS?

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 over-
all 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
TYPES OF FEES MBR No. 47 (2008) IMPLEMENTATION
DATE
A. Transaction fees Transaction value Fee per
Transaction

1. Interbank (Debits) February 1, 2008

2. Payment vs. Payment 1.00 - 100.00 FREE of Charge
February 1, 2008
(PVP) transactions
PFX
3. Delivery vs. Payment 101.00 - 500,000 Php 5.00
February 1, 2008
(DVP) transactions BTr-
GS / FIE / Equities
4. PCHC transactions (Win / 500,001 - 1,000,000 10.00
February 1, 2008
Loss)
5. ATM Network/MegaLink
1,000,001 - 39,999,999.99 Ad Valorem Fee = February 1, 2008
transactions
6. Electronic Fund Transfer Trans. Value x
.00001 February 1, 2008
Instruction System
(EFTIS) (Round to nearest
Peso)
7. Customer 40,000,000 and Above 400.00
payments/transfers

8. Manual processing of P1,000.00 + Ad Valorem Fee (TV x .00001) February 1, 2008

inter-bank transactions: OR P5,000.00, whichever is LOWER
RTGS/EFTIS

B. Other Fees MBR No. 1851(2003)

1. (Online) Transaction Via SWIFT - P100.00 per inquiry March 2004

inquiries Via PhilPaSS Participant Browser (PPB) - FREE February 2012
2. S O A Request (Printout) Via SWIFT - P100.00 per inquiry March 2004
Via PhilPaSS Participant Browser (PPB) - FREE
3. Intraday Liquidity Facility Pending Implementation of the New ILF System March 2004

4. Monthly Access/Connection Primary Back-up

Fee
Effective July 2008
PCHC FREE FREE
FREE FREE (MBR No. 849 dated
MegaLink
FREE FREE 2 July 2008)
PSSC
5. Annual License fee
Electronic Fund
Transfer Instruction Effective July 2008
System (EFTIS) FREE
(MBR No. 849 dated
Phils. Payments 2 July 2008)
System-Front End FREE
System (PPS-FES)
6. Administration Fees
15
 EFTIS/PPS/SWIFT
a. Registration new P2,000.00/user up to two (2) years
users/profiles March 2004
b. Installation of
new/addl P5,000.00/workstation
st
workstations (excl. (1 installation is Free of charge)
SWIFT)

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. Transaction reference number

ii. Message type
iii. Value date
iv. Submitters 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 BSPs 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 BSPs
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 As 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. Posting/Settlement of PCHC AM Returns
8:01 a.m. 8:45 a.m. BSP/Interbank window for Losses in AM Returns
9:00 a.m. RDDA balances (T-1) available on demand via EFTIS
Current Days 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)
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
4:45 PM 5:45 PM 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.
5:46 PM - 6:00 PM PhilPaSS window for manual settlements, if any.
6:00 PM PhilPaSS Close of Business
Up to 6:15PM. 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:

Check Treasury Non

Time of Receipt of Announcement PhilPaSS Clearing Window Reserve Reserve
1. On an ordinary business day prior Closed No Closed
to the date of effectivity settlement
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 Open Normal Open
conditions
b. Under bad weather Closed No Closed
conditions, i.e., Typhoon clearing
signal no. 3
3. Before 9:00am on the same Closed No Closed
date as effectivity clearing
4. After 9:00am on the same date Open Normal Suspended;
as effectivity (Day 1) 1:00PM to be
resumed the
following
day at
9:01am to
9:45am
(Day 2) Open Normal Open
1:00PM
5. In case of suspension of work is
extended to Day 2
a. Before 9:00am of Day 2 Closed No Closed; Day
(Day 2) settlement 1
transactions
20
 will be
moved to
Day 3 (for
value Day 1)
(Day 3) Open Normal Resumed
from 9:01-
9:45am (for
value Day 1)
Then, 4:45-
5:30 for
same day
transactions
b. After 9:00am of Day 2 Open Normal Resumed
(Day 2) from 9:01-
9:45am (for
value Day
1),
Then, Day 2
transactions
suspended
to be
resumed the
following day
from 9:01am
to 9:45am
(Day 3) Open Normal Resumed
from 9:01-
9:45am (for
value Day
2), then,
4:45pm to
5:30pm for
same day
transactions
6. In case the suspension if work Open Normal Open
does not apply to all govt
offices (Manila Day, Quezon
City Day)

b. Since the prior days 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 bsantos@bsp.gov.ph
- Eleanor S. Turaray 302-4184 eturaray@bsp.gov.ph
523-3756

For payment, settlement, and other inquiries

BSP Payments and Settlements Office - Help Desk

e-mail: Payments_Unit@bsp.gov.ph

Help Desk Nos.

- Remedios C. Macapinlac 400-7071
- Ma. Victoria H. Francisco 400-7073
- Leticia A. Barroga 400-7022
400-7024
400-7062
523-3756

For system/hardware and technical matters

Information Technology Sub-Sector

- Natividad C. Rigodon 302-4191 nrigodon@bsp.gov.ph

23
 PhilPaSS PARTICIPANTS

UNIVERSAL BANKS
Tel. No.
Name of bank BIC Contact person
E-mail Address
816-5541
Allied Banking Corporation ABCMPHMMXXX Melita C. Tan
mctan@alliedbank.com.ph
Isabelita M. Papa papaim@asiaunited.com.ph
Asia United Bank
AUBKPHMMXXX 635-0458
Corporation Zita M. Los Baos
losbanoszm@asiaunited.com.ph
Australia and New Zealand 818-8117
ANZBPHMXXXX Lora E. Lopez
Bank lopezm@anz.com
Banco De Oro Universal 840-7000 loc 8200
BNORPHMMXXX Ruby A. Chua
Bank rac@bdo.com.ph
848-6296
Racquel D. Maago
manago_racquel@pb.bdo.com.ph
848-6300 loc. 129
BDO Private Bank BOPBPHMMXXX Oscar C. Pambid
ocp@pb.bdo.com.ph
848-6300 loc. 123
Ramona T. Torres
rtt@pb.bdo.com.ph
Bangkok Bank Public 752-0333
BKKBPHMMXXX Phisit Charoenphan
Company Ltd bangkokbank@bbl.com.ph
815-5600
Bank of America NA Manila BOFAPH2XXXX Henry T. Pelaez
henry.pelaez@bankofamerica.com
Bank of China Manila Dong Xiao Xia 885-0111 loc 105/103
BKCHPHMMXXX
Branch Marina B. Espinosa bocmnl_actg@bocgroup.com
810-0616
Bank of Commerce PABIPHMMXXX Wilma M. Escoto
wmscoto@bankcom.com.ph
Bank of the Philippine 816-9188
BOPIPHMMTRY Corazon S. Tumbocon
Islands cstumbocon@bpi.com.ph
886-7371 loc 401
Bank of Tokyo Mitsubishi Julieta D. Taopo
BOTKPHMMXXX juliet_taopo@ph.mufg.jp
Ltd.
Diana Juguilon 886-7415
885-5677
Fernando S. Santos III
fssantos@chinabank.ph
247-5353
China Banking Corporation CHBKPHMMXXX Wilfredo L. Sy
wlsy@chinabank.ph
David Andrew P. 885-5207
Valdellon dapvaldellon@chinabank.ph
Chinatrust Phil Commercial 848-7156
CTCBPHMMXXX Oliver D. Jimeneo
Bank oliver.jimeneo@chinatrust.com.ph
894-7150
Citibank NA Manila Branch CITIPHMXXXX Joanna S. Paraiso
tricie.paraiso@citi.com
894-7340
Vivien I. Lugo
vivien.lugo@citi.com
CitiBank Treasury Unit 0043ITIPHMXTSU
894-7451
Gabriel R. Tomas
gabby.tomas@citi.com
894-6845
Wilfredo E. Trinidad
wilfredo.trinidad@db.com
Deutsche Bank AG DEUTPHMMXXX
894-6696
Christina I. Lara
christina.lara@db.com
East West Banking 830-8992
EWBCPHMMXXX Martin B. Ordoez
Corporation mbordonez@eastwestbanker.com
581-7072 / 73
Hong Kong and Shanghai Glenn S. Moneda
HSBCPHMMXXX glennmoneda@hsbc.com.ph
Bank
Jun C. Santos 530-5443
479-8777
Efren Reyes, Jr.
efren.reyes@asia.ing.com
ING Bank NV INGBPHMMXXX
479-8828
Benjamin A. Rodriguez
banjo.rodriguez@asia.ing.com
878-1169
Mamerto R. Natividad
mert.r.natividad@jpmorgan.com
JP Morgan Chase Bank CHASPHMMXXX
878-1187
Irene L. Garcia
irene.l.garcia@jpmorgan.com
Mega International ICBCPHMMXXX Dorian Wu 811-5807

24
Commercial Bank Co. Ltd. icbcphmm@info.com.ph
848-0101 loc 207 & 208
Emelita S. Alba
kebmanila@keb.co.kr
Korea Exchange Bank KOEXPHMMXXX
848-0101 loc 207 & 208
Olivia Joves
olivia_joves@keb.co.kr
Maybank Philippines 523-7777 locs. 123
MBBEPHMMXXX Esperanza B. Cabreros
Incorporated ebcabreros@maybank.com.ph
857-5376
Dennis G. Suico
dennis.suico@metrobank.com.ph
Metropolitan Bank & Trust 898-8940
MBTCPHMMXXX Eduardo C. Ramirez
Co. eduardo.ramirez@metrobank.com.ph
898-3837
Angel O. Pagaspas
angel.pagaspas@metrobank.com.ph
860-3500
Mizuho Corporate Bank MHCBPHMMXXX Tetsuharu Ishizuna
tetsuharu.ishizuna@mizuho-cb.com
893-1439
Angel M. Corpus
Philippine Bank of amcorpus@pbcom.com.ph
CPHIPHMMXXX
Communications 893-3364
Aurora C. Mangerra
acmangerra@pbcom.com.ph
831-3257
Teresita S. Cruz
cruzts@pnb.com.ph
Philippine National Bank PNBMPHMMTOD
526-3040
Josefina T. Fullante
fullantejt@pnb.com.ph
751-8590
Philippine Veterans Bank PHVBPHMMXXX Joselito R.G. Nazario
jgnazario@veteransbank.com.ph
524-9061
Philtrust Bank PHTBPHMMXXX Antonio H. Ozaeta
ptc@philtrustbank.com
894-9036
Teofila D. Garces tdgarces@rcbc.com
Rizal Commercial Banking
RCBCPHMMXXX
Corp. 894-9886
Vivien L. Macasaet
vilugo@rcbc.com
702-9500 loc. 239
Robinsons Bank Corp. RBSPPHM1XXX Sylvia Herrera
sylvia.herrera@robinsonsbank.com.ph
Security Bank and Trust 888-7329
SETCPHMMXXX Belen W. Au
Corp. bau@securitybank.com.ph
878-2875
Standard Chartered Bank SCBLPHMMXXX Seow Pang ng.seow-
pang@.standardchartered.com
638-0323
Mardonio C. Cervantes
Union Bank of the junc@unionbankph.com
UBPHPHMMXXX
Philippines 667-6425
Doris Pagsisihan
drpagsisihan@unionbankph.com
United Coconut Planters 811-9303
UCPBPHMMXXX Arnel A. Valles
Bank aavalles@ucpb.com

SPECIALIZED GOVERNMENT BANKS

Bank BIC Contact person Tel. No.
Nurzalyn H. Ladjabassal 816-4260
(Treasury) nhladjabassal@al-amanahbank.com
Al Amanah Islamic Bank ALAMPHM1XXX
Maharlika J. Alonto 816-4259
(Accounting) mjalonto@al-amanahbank.com
Development Bank of the 810-3023 / 812-9427
DBPHPHMMXXX Dionisio Sarmiento, Jr.
Philippines djrsarmiento@dbp.ph
405-7528
Merceditas N. Oliva
Land Bank of the moliva@mail.landbank.com
TLBPPHMMXXX
Philippines 405-7235
Fely E. Joves
fjoves@mail.landbank.com

THRIFT BANKS
Tel. No.
Bank BIC Contact person
E-mail Address
812-8352
Allied Savings Bank ASTBPHM1XXX Jaime L. del Bariio, Jr.
delbarriojrjl@alliedbank.com.ph
924-5685 / 924-5639
Maria Patricia L. Salcedo
Asiatrust Development Bank ASDVPHM1XXX mplsalcedo@asiatrustbank.com
Carolyn R. Corro
tpu@asiatrustbank.com
Bank One Savings & Trust ONSTPHM1XXX Ma. Cristina L. Garcia 713-6585

25
Corp. bankone_tsy@tri-isys.com
777-8686
BDO Elite Savings Bank GEMBPHM1XXX Arlene Joan T. Agustin
arlene.agustin@ge.com
845-5304
BPI Direct Savings Bank BPDIPHM1XXX Raul D. Dimayuga
rddimayuga@bpi.com.ph
754-6743
BPI Family Savings Bank BPFFPHM1XXX Lucinda M. Peralta
lmperalta@bpi.com.ph
722-8714
BPI Globe BanKO BGTBPHM1XXX Teresita B. Tan
JCSY@bpi.com.ph
910-4780 to 87
Century Savings Bank CENSPHM1XXX Josephine Ty Chua
centurybank@globelines.com.ph
864-5067 / 988-5555 loc.8785
Chinabank Savings MABCPHM1XXX Rafael V. Acoba
rvacoba@manilabank.com
423-6641
Belen M. Dulay
belen.m.dulay@citi.com
Citibank Savings CSINPHM1XXX
995-9259
Kristine C. Yujeco
paw.yujeco@citi.com
Linda Flor P. D. (032)412-1747
City Savings Bank CTSBPHM1XXX
Hortezano lhortezano@citysavings.com.ph
6374195
Citystate Savings Bank CTYSPHM1XXX Edgardo O. Olavario
eoolavario@citystatesavings.com
(035)225-3891 / 225-3892 /
Dumaguete City
DCTBPHM1XXX Julio O. Sy, Sr. 422-9223 -94
Development Bank
dcdbank@globelines.com.ph
(034)432-3720 loc 112
Syrel Z. Aplaon
Dungganon Bank DBTBPHM1XXX szaplaon@dungganonbank.com
Dorothy Jacinto ddjacinto@dungganonbank.com
815-1049-53 loc. 127
Romali S. Yango
Equicom Savings Bank ESBBPHM1XXX yango@equicomsavings.com.ph
Racquel G. Robillos robillos@equicomsavings.com.ph
(038)411-5045
First Consolidated Bank. FIOOPHM1XXX Sereno S. Sarabia
rss@greendot.com.ph
706-0477
GSIS Family Bank GSISPHM1XXX Reynan B. Montojo
rbmontojo@gsisfamilybank.com
581-7072 / 581-7073
HSBC Savings Bank HSBSPHM1XXX Glenn S. Moneda
glennmoneda@hsbc.com.ph
(044)641-1747
Hiyas Banking Corporation HBTBPHM1XXX Marilyn R. Cruz
hiyasbank@yahoo.com
840-4014 / 840-4007
Isla Bank ISTHPHM1XXX Elsie R. Peol
erpeol@islabank.com
896-2655 / (049)531-3700
Luzon Development Bank LUDVPHM1XXX Tita O. Isleta
toisleta@luzondevbank.com.ph
840-1811
Malayan Bank SMB MAARPHM1XXX Ma. Lourdes A. Morales
treasury@malayanbank.com.ph
Merchant Savings and Loan 894-9000 loc 1290
MRCBPHM1XXX Marilyn F. Suarez
Association mfsuarez@rcbc.com
Microfinance Maximum (043)287-3480
MXTBPHM1XXX Ms. Lorna R. Taotjo
Savings Bank (Maxbank) Ltaotjo@maxbank.com.ph
Optimum Development 584-1492
OPDBPHM1XXX Mary Anne B. Antazo
Bank mbantazo@optimum.com.ph
Pacific Ace Savings Bank PATBPHM1XXX Rosario B. Aotriz rose.aotriz@pacific-ace.com
(048)433-2489
Palawan Development Bank PWDBPHM1XXX Eric A. Mondragon
head.office@thepalawanbank.com
Penbank (A Private (083)552-8788
PBTBPHM1XXX Brainard F. Rapisora
Development Bank) bfrapisora@penbank.com.ph
363-3333 loc.2004
Philippine Business Bank PPBUPHM1XXX Alice P. Rodil
rodil_ap@pbb.com.ph
Philippine Postal Savings 527-9570
PHPSPHM1XXX Reynaldo C. Eustaquio
Bank postalbank.treasury@gmail.com
885-8241
Noli S. Gomez
nsgomez@psbank.com.ph
Philippine Savings Bank PHLSPHM1XXX
885-8367
Jay S. Velasco
jsvelaco@psbank.com.ph
840-2419
Herman C. Salazar
hcsalazar@plantersbank.com.ph
Planters Development Bank PLDEPHM1XXX
884-7600 loc. 5651
Linda C. Yu
lcyu@plantersbank.com.ph
26

Producers Savings Bank
Queen City Development
Bank
RCBC Savings Bank
Real Bank
Security Bank Savings
Sterling Bank of Asia, Inc.
Sun Savings Bank
Tong Yang Savings Bank
Inc.
UCPB Savings Bank
United Overseas Bank
Philippines
World Partners Bank
Bank
Aliaga Farmers Rural Bank
Balanga Rural Bank
Banco Rural ng Pasacao
Banco Santiago de Libon
Banco San Enrique
(A Rural Bank)
Bangko Kabayan
Bangko Mabuhay, Inc.
Bank of Florida, Inc.
Bank of Makati
BHF Rural Bank
Cebuana Lhuillier Rural
Bank
Classic Rural Bank
Cooperative Rural Bank of
Bulacan
Country RB of Taguig
Crown Bank
667-3022 / 667-3021
PSTBPHM1XXX Josefina S. Monegas josefina.monegas@producersbank.co
m.ph
(033)336-8052 to 56 loc 119/120
QCDFPHM1XXX Alicia G. Sangrador
treasury@queenbank.com.ph
894-9000 loc 2347
Jo-Anne C. Chan
jcchan@rcbcsavings.com
Ma. Dorothy D. Mendoza ddmendoza@rcbcsavings.com
RCSBPHM1XXX
Rosemarie B. Maquiling maquiling@rcbcsavings.com
894-9000 loc. 1230
Cristina F. Villalobos
cfvillalobos@rcbcsavings.com
920-4526 / 927-4174
RLBKPHM1XXX Raquel T. Cabawatan
rtcabawatan@realbank.com.ph
853-0394 to 96
PRDEPHM1XXX Vilma U. Constantino
vuconstantino@premierebank.com.ph
535-6120
Joseph T. Sulit
jtsulit@sterlingbankasia.com
Desiree Manlapaz- 535-6129
SBAIPHM1XXX
Guerero dtmanlapaz@sterlingbankasia.com
535-6143
Florenda C. Noche
fcnoche@sterlingbankasia.com
(032)272-9981 / 462-2011
SUSBPHM1XXX Augusto S. Gonzalez
asgonzalez@sunsavings.ph
845-3837 / 845-3838 loc.303
TYBKPHM1XXX Belen E. Asuncion
belena@tongyang.com.ph
811-9082
UCSVPHM1XXX Evangeline P. Reyes
epreyes@ucpb.com
6700-8878
Gerardo Munarriz
UOVBPHMMXXX relos.ag@uob.com.ph
David C. E. Goh 6700-8686
868-8167
WRDPPHM1XXX Roehl O. Dumlao
rodumlao@worldpartners.com.ph
RURAL BANKS
Tel. No.
BIC Contact person
E-mail Address
(044)945-0030 / 945-0037
AFRBPHM1XXX Judy L. Badua
farmbank_ho_1995@rbap.org
237-2820 / 237-2651
BARBPHM1XXX Rose Ann Villanueva
rbbalanga@rbap.org
(054)513-9113 / 513-9376
PSRBPHM1XXX Carlos F. Velasco
brpasacao@rbap.org
(052 486-2828
BSRBPHM1XXX Lenieza S. Secreto
Bsdl1973@yahoo.com
(033)335-0355
SERBPHM1XXX Arturo P. Muyco, Jr.
Rbse2002@yahoo.com
(043)311-1420
BKRBPHM1XXX Cherry Lou F. Bacia cherrlou.bacia@bangkokabayan.com.
ph
(046)489-2001 to 04
RTRBPHM1XXX Edwin S. Fojas
info@bangkomabuhay,com
(045)963-5288 to 90
BFRBPHM1XXX Atty. Elisa M. Laqui
bankofflorida@rbap.org
843-2060
BMRBPHM1XXX Shirley O. Tan
shirlvic_tan@yahoo.com
(072) 242-0495 to 96
BHRBPHM1XXX Reynaldo B. Bonifacio
boss@bhf.com.ph
473-6002 Manila / (046)417-3366
CLRBPHM1XXX Rosalinda O. Matias
rmatias@pjlhuillier.com
(043)723-5554
CSRBPHM1XXX Rustica E. Comia
classicrb@rbap.org
(044) 670-0858 / 795-1544
CBRBPHM1XXX Emilie P. Dancel
epdancel@crbbulacan.com.ph
738-7759
TARBPHM1XXX Raul T. Guerrero
crbti_ho@yahoo.com
CWRBPHM1XXX Reynaldo V. Bondoc (045)652-0006
27

First Isabela Cooperative
Bank
First Macro Bank (A Rural
Bank)
First Midland Rural Bank
Enterprise Bank
Gateway Rural Bank
GM Bank
Guagua Rural Bank
Janiuay Rural Bank
Katipunan Bank (Zamb del
Norte), Inc.A Rural Bank
Limcoma Rural Bank
Lipa Rural Bank
Municipal RB of Libmanan
One Network Bank
Planbank Rural Bank of
Canlubang Planters, Inc.
Quezon Capital Rural Bank
Racsos Bank, Inc. ( A Rural RCRBPHM1XXX
Bank)
Rang-ay Rural Bank
Rural Bank of Abucay
Rural Bank of Calinog
(Iloilo), Inc.
Rural Bank of Camalig
(Albay), Inc.
Rural Bank of Guinobatan
Rural Bank of Jaen
Rural Bank of Jose
Panganiban
Rural Bank of Liloy
Rural Bank of Limay
Rural Bank of Miagao
Rural Bank of New
Washington (Aklan), Inc.
Rural Bank of Oton (Iloilo),
Inc.
Rural Bank of Pagbilao
Rural Bank of Pilar
(Bataan), Inc.
Rural Bank of San Jose
(CamSur), Inc.
Rural Bank of San Vicente
crownbank@rbap.org
(078)307-0998 / 307-0940
Emilio U. Rico
FIRBPHM1XXX emil@yahoo.com
Atty. Hubert E. Molina hubertemolina@yahoo.com
642-1620 loc. 112
FMRBPHM1XXX Arlene B. dela Rosa
1stmn.arlene@gmail.com
(033)530-9027 / 396-0737
FDRBPHM1XXX Rodolfo P. Yap, III fmrbi@yahoo.com;
randy_yap@yahoo.com
EBTBPHM1XXX Lourdes S. Cataquiz (02)847-6569
(044) 693-3451
GWRBPHM1XXX Jeditte Margaret Coloma
gatebankruralbank@yahoo.com
(044) 940-6000
GMRBPHM1XXX Tomas S. Gomez IV
tg4@gmbank.com.ph
(045) -901-0234
GGRBPHM1XXX Iluminda M. Dizon
idizon@yahoo.com
(033) 531-8430
JARBPHM1XXX Ma. Jian L. Barredo
rbjaniuay@rbap.org
(065) 212-9807
KTRBPHM1XXX Leticia G. Loquinario
ebh.esparaguera@katipunanbank.com
(043) 726-2602
LCRBPHM1XXX Menie B. Valle
limcomarb@rbap.org
(043)756-2411 loc 204
LBRBPHM1XXX Paulynne Rose G. Go
lipabank@yahoo.com
(054)511-8178 / 451-2184
LIRBPHM1XXX Nordita B. Malinao
mrblibmanan@rbap.org
(082)234-3631
NWRBPHM1XXX Alex V. Buenaventura
onrbi@onenetworkbank.com.ph
PBRBPHM1XXX Imelda D. Edeza (049)545-7094 to 96
Cyren L. Dalisay ide@planbank.org
(042)710-3182
QCRBPHM1XXX Evelyn B. Saculles
ebsaculles@qcrblive.com
(033)315-5005 / Fax (033)315-5582
Janette Garin-Colada
racbankguimbal@yahoo.com
(72)242-5661 to 63
RARBPHM1XXX Ives Q. Nisce
headoffice@rangaybank.com
(047)244-4145
ABRBPHM1XXX Romeo T. Tumalad
bancoabucay@yahoo.com
(033)347-1924
CIRBPHM1XXX Lirio A. Gustilo
rbcalinog@yahoo.com
CMRBPHM1XXX (052)480-0801
Rosemarie N. Orpiada
camaligbank@gmail.com
(052)484-6439
GURBPHM1XXX Paulo R. Honrado
rbguinobatan@yahoo.com.ph
(044) 486-5572;486-2702
JNRBPHM1XXX Joel Dasig Binuya
rbjaen@rbap.org
(054)731-1046 / 731-1138
JPRBPHM1XXX Roberto V. Torres
Rbjpinc-jpcnorte@yahoo.com
LLRBPHM1XXX (065)311-1022
Ms. Myrienn L. Sisor
rbliloy@rbap.org
(047)244-4501 / 243-8462
LMRBPHM1XXX Nory F. de la Cruz
rblimay@rbap.org
(033)315-8005 / 513-7716
MLRBPHM1XXX Rey N. Flores
rbmiagao@rbap.org
(036)264-3355 / 264-3358
WNRBPHM1XXX Raul D. Balandra
rbnewwashington@rbap.org
Maria Ramona P. (033) 337-1702
OTRBPHM1XXX
Magalona nina@rbankoton.com/rboton@rbap.or
Alma T. Tachagon g
(042)731-1380
RPRBPHM1XXX Don Martin Glorioso
rbpagbilao@yahoo,com
237-2560; 791-5398
PIRBPHM1XXX Rodolfo D. Pizarro
rbpilar@rbap.org
(054) 472-3295
SIRBPHM1XXX Tim James L. Monasterio
bankofsanjose@yahoo.com
(054)447-3020 / 440-1432
SVRBPHM1XXX Catherine D. Torres
rbsanvicente@rbap.org
28

Rural Bank of Sasmuan
Rural Bank of Sipocot
(Camarines Sur), Inc.
Rural Bank of Sta. Ignacia
(SIGNA Bank)
San Fernando Rural Bank
Tiaong Rural Bank
Valiant Bank
Zambales Rural Bank
Bank
AB Capital and Inv. Corp.
BPI Capital Corp
BPI Card Finance Corp.
BPI Leasing Corp
First Malayan Leasing &
Fin.
First Metro Investment
Corporation
Metrobank Card
Corporation
Multinational Investment
Bancorporation
Orix Metro Leasing and
Finance Corporation
Philippine Commercial
Capital Inc.
Philippine Depository &
Trust Corp.
RCBC Capital Corporation
State Investment Trust Inc.
Toyota Financial Services
Phils. Corp.
Department/Office
BSP Payments and
Settlements Office
BSP Provident Fund Office
(045)900-2507 / 434-0636
SMRBPHM1XXX Geraldine S. Limpin
sasbanksasmuan@yahoo.com
(054)256-6011
SPRBPHM1XXX Milagros C. Florin
rbsipocot@rbap.org
(045) 605-0058; 605-0327
SIRBPHM1XXX Roman L. Belmonte, Jr
signabank@rbap.org
(045)963-3620
SFRBPHM1XXX Mr. Hener C. Nilo
Saferbank@rbap.org
(042)652-1950 / 545-8450
TORBPHM1XXX Carlo Angelo T. Trinidad
catrinidad@trbi.com.ph
Maria Thelma Louella M. (033)338-3524 / 336-8440
VBRBPHM1XXX
Guillamas Mtlmg033@yahoo.com.ph
Maria Leonora C. (047)223-4964 / 222-2678
ZMRBPHM1XXX
Faustino zbolo@info,com.ph
NON-BANK QUASI BANKS
Tel. No.
BIC Contact person
E-mail Address
898-7559
CAVPPHM1XXX Ricardo E. Enriquez
reenriquez@abcapital.com.ph
816-9612
BPAPPHM1XXX Teodoro K. Limcaoco
tklimcaoco@bpi.com.ph
Ms. Ma. Ysabel P. 816-9519
BPCNPHM1XXX
Sylianteng bpi_ucad_regulatory@bpi.com.ph
816-9758
BPLIPHM1XXX Samuel C. Tang
sctang@bpi.com.ph
8109660 loc. 131
Lovella A. Barcenas labarcenas@malayanleasing.com
FMLFPHM1XXX
810-9668 loc 121
Irma E. Japson
ejapson@malayanleasing.com
243-3058
FMICPHM1XXX Danilo G. Olondriz
danny.olondriz@firstmetro.com.ph
898-7082
Annalyn T. Famy
afamy@metrobankcard.com
MCNBPHM1XXX
898-7392
Maribeth Rosales
mrosales@metrobankcard.com
811-0095 / 817-1511 loc.214
MUIAPHM1XXX Evelyn D. Katigbak
operations@mib.com.ph
858-8835
OXNBPHM1XXX Edna L. Layosa
ellayosa@orix.com.ph
813-3423 / 815-0628 loc. 140
PCCIPHM1XXX Willie G. Mondia
willie.mondia@pccigroup.com.ph
884-5034
PDTCPHM1XXX Teresa N. Napilay
tere_napilay@pds.com.ph
845-3406
Ruth B. Gutierrez
rbgutierrez@rcbc.com
RCCOPHM1XXX
894000 loc 2218
Jaywin R. Mina
jrmina@rcbc.com
242-6888 / 242-1140
Ma. Luisa O. Bongat stateinc@info.com.ph
STIVPHM1XXX
Judith B. Enriquez stategroup_cashdepartment@yahoo.c
om
756-7423
Rosalie R. Palatino
sally.p@toyotafinancial.ph
TNBKPHM1XXX
756-7431
Carissa Panlaque
carissa.panlaque@toyotafinancial.ph
BSP OFFICES
Tel. No.
BIC Contact person
E-mail Address
708-7542
Bella S. Santos
bsantos@bsp.gov.ph
PHCBPHMDXXX
302-4184
Eleanor S. Turaray
eturaray@bsp.gov.ph
525-0765
Victor G. Garlitos
vgarlitos@bsp.gov.ph
29
 CB Housing Fund CBPHPHM1XXX
CB Provident Fund CBPFPHM1XXX
CB Car Plan Fund CBCPPHMIXXX
CB Housing Fund III CBHTPHM1XXX
CB Longevity Trust Fund CBLTPHM1XXX
PFO Cebu Pacific
CBCEPHM1XXX
Ticketing

THIRD PARTY SYSTEM PROVIDERS

Tel. No.
Agency/Department/Office BIC Contact person
E-mail Address
527-3183; 522-8122 loc 204
Bureau of the Treasury Eduardo S. Mendiola
esmendiola@treasury.gov.ph
Philippine Clearing House 886-1348
Eduardo J. Katigbak, Jr.
Corporation ed.katigbak@pchc.com.ph
Philippine Dealing System 884-5025
Baby dela Cruz
(PDS) baby_delacruz@pds.com.ph
856-8190; 856-8196
BancNet Elmarie Reyes
emmie.reyes@bancnetonline.com
892-1046
MegaLink Jennifer M. Tantan
jmt@megalink.ph

30
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