BSP enhances settlement of digital paymentsIn a circular signed by BSP Governor Eli Remolona Jr. on June 27, the Monetary Board approved the changes to the guidelines on the settlement of electronic payments under the National Retail Payment System (NRPS) framework. MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has approved amended guidelines to further enhance the settlement of digital payments, ensuring the integrity and efficiency of the country’s payment system. “This ensures that all enhancements to the settlement guidelines of ACHs are thoroughly reviewed and approved by the BSP prior to implementation,” it said. On the other hand, the BSP, Philippine Payments Management Inc. (PPMI) and the PESONet steering committee activated the third settlement cycle for PESONet transactions on July 8. The share of digital payments to total retail transactions jumped to 53 percent last year from 42 percent in 2022.
