The Bangko Sentral ng Pilipinas (BSP) is rallying the nation's financial players to collaborate on developing a round-the-clock payment system, a move set to transform the country's economic landscape.
A Call for a Non-Stop Financial Future
This ambitious vision was the central theme of the 2025 Peso Real-Time Gross Settlement (RTGS) Forum, which convened on September 18 and 19, 2025, at the BSP Head Office in Manila, and again at its North Luzon Regional Office on October 2, 2025.
Addressing the 350 attendees, BSP Senior Assistant Governor Edna C. Villa posed a critical question to the assembly: "Handa na ba tayo sa 24/7 na RTGS? I encourage us to design that future together." Her challenge was directed at representatives from banks, quasi-banks, nonbank e-money issuers, and key financial infrastructure operators.
The Current System and the 24/7 Advantage
At the heart of this initiative is PhilPaSSplus, the BSP-owned and operated RTGS system. Currently, it operates on a limited schedule from 9 a.m. to 5:45 p.m., Mondays through Fridays.
Transitioning to a 24/7 operation would unlock significant benefits, enabling the system to settle more transactions instantly. This enhancement would allow the Philippines to interlink seamlessly with foreign payment systems and support a new wave of economic activities.
Key areas set for improvement include:
- 24/7 remittances for overseas Filipino workers and their families.
- Support for continuous cross-border e-commerce flows.
- Extended hours for bond trading and other financial markets.
Beyond 24/7: Refining the Payment Ecosystem
The forum, which also celebrated the fourth anniversary of PhilPaSSplus, covered a broad agenda aimed at refining the entire payment infrastructure. Discussions included updates on operating procedures during holidays, the progress of the ISO 20022 Standard Harmonization Project, and the results of the 2025 customer satisfaction survey.
The BSP also provided updates on the implementation of penalties for participants who fail to comply with Peso RTGS rules and shared news on the system's ongoing operational enhancements.
Insights were shared by BSP officials and leaders from major industry players like BancNet, SWIFT, and the Philippine Clearing House Corporation, all contributing to the shared goal of a more robust and efficient payment ecosystem for the Philippines.
