The Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, extended the registration deadline for operators of payment systems until April 1, 2020 to give them more time to address several concerns.
Under BSP Circular No. 1049, operators of payment systems that are conducting their business at the time of the effectivity of R.A. No. 11127 are required to register with the Bangko Sentral not later than three months from the effectivity of the directive on or before Jan. 1, 2020.
R.A. No. 11127 or the National Payment Systems Act gives the Bangko Sentral with the power to oversee the payment systems in the Philippines and exercise supervisory and regulatory powers over them to ensure the stability and effectiveness of the monetary and financial system.
The Philippines remains one of the top countries promoting financial inclusion, ranking fifth worldwide and first in Asia along with India, based on results of the Global Microscope 2019 published by the Economist Intelligence Unit, the research arm of The Economist Group.