Philippines: Draft Payment System Oversight Framework

DATE PUBLISHED : MONDAY, OCTOBER 5TH 2020

On March 16, 2020, Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, released the draft Circular on Payment System Oversight Framework for consultation. The draft framework is part of the phased-in implementation of the Republic Act No. 11127 (also known as the National Payment Systems Act (NPSA)). The NPSA defines an operator of payment systems, prescribes the requirements and controls of the operational framework for the system and empowers the BSP to identify a payment system that poses or has the potential to pose a systemic risk.

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