The Bangko Sentral ng Pilipinas (BSP) and the Bureau of the Treasury on Thursday signed a memorandum of understanding (MOU) to strengthen the resilience of their respective payments and settlement systems.
The agreement covers the Bangko Sentral ng Pilipinas’ (BSP) Peso Real-Time Gross Settlement (PhilPaSSplus) and the Treasury’s National Registry of Scripless Securities (NRoSS). It also includes related or interlinked systems such as the Delivery versus Payment (DvP) system and the Intraday Settlement Facility (ISF).
The collaboration aims to promote end-to-end resiliency of the two entities’ interconnected financial market infrastructures (FMIs), with both parties agreeing to share expertise, improve knowledge, and facilitate information exchange on policies, practices, standards and processes.
“This partnership is more than a formal agreement. It reflects a unified vision for building resilient capital markets that serve the Filipino people and support national development,” said Mamerto Tangonan, BSP Deputy Governor and head of the payment and currency management sector.
National Treasurer Sharon Almanza cited the need to build a more robust, secure, reliable, and resilient FMI.
“Through this arrangement, we will collaborate to address critical challenges in the operation and maintenance of our systems, ensuring that this remains strategically aligned, adequately secured, and operationally sound. We also commit to work together on whole-of-market initiatives and third-party assessments to maintain our alignment with international standards and best practices,” said Almanza.
BSP Governor Eli Remolona Jr. cited the practical benefits of the cooperation. “It would be nice if in lending those liquidity, all we had to do was look at NRoSS, and we know exactly what banks, the banks held and we know exactly how much collateral the bank would have,” he said, suggesting it would streamline lending processes.
The MOU was formally signed by Remolona and Almanza.
