The Bangko Sentral ng Pilipinas said Wednesday it released a draft circular containing the first tranche of guidelines of Republic Act 11127, or the National Payment Systems Act, which aims to have a safe, efficient and reliable payment system in the country.
The Bangko Sentral said the law could well support the twin objectives of maintaining a payment system that is necessary to control systemic risk and providing an environment conducive to the sustainable growth of the economy.
“Through a safe, efficient, and reliable payment system through which funds are transferred among banks and other institutions to discharge payment obligations arising from economic and financial transactions across the entire economy, the cost of exchanging goods and services is reduced,” it said in a statement.
“It is likewise an essential tool for the effective implementation of monetary policy, and the smooth functioning of money and capital markets,” it said.
It said considering that the usage of payment systems was not necessarily limited to banks and non- bank financial institutions, the scope of the regulatory powers of the Bangko Sentral were also expanded under NPSA to cover non-financial institutions such as operators and service providers.
