BSP plans to extend PhilPaSSplus operations to near 24/7

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December 19, 2025 | 12:00am

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is proposing to extend the operating hours of the Peso real-time gross settlement system (RTGS), PhilPaSSplus, to near 24/7 as part of efforts to modernize the country’s payment infrastructure, enhance cross-border settlement efficiency and align with global best practices.

In a discussion paper, the BSP said the plan would expand PhilPaSSplus operations to 22 hours a day, seven days a week, with a two-hour daily window reserved for system maintenance and reconciliation.

At present, the system operates for eight hours and 45 minutes a day, from 9 a.m. to 5:45 p.m., on weekdays excluding holidays, or a total of 43.75 hours per week.

The central bank said the initiative responds to “the growing demand for seamless, real-time and continuous payment facilities, driven by digitalization, trade flows and the G20’s 2027 targets for more efficient, affordable and accessible cross-border payment services.”

PhilPaSSplus is the country’s core large-value payment system, enabling the final and irrevocable settlement of time-critical transactions in central bank money.

It settles interbank and inter-institution funds transfers, clearing results of retail payment systems such as InstaPay and PESONet, government collections and disbursements as well as the peso leg of foreign exchange and securities transactions.

According to the BSP, limited operating hours constrain alignment with international markets and delay the final settlement of retail payment systems that operate beyond the RTGS cut-off.

“Since these retail payment systems operate beyond the RTGS cut-off, settlement is deferred until the next business day. This delay may cause overnight liquidity exposures,” the paper said.

Under the proposed near-24/7 model, weekly availability would rise to 154 hours, tripling current access and placing the Philippines among jurisdictions with the highest RTGS operating hours globally.

The BSP noted that the average RTGS system worldwide operates for 57.9 hours per week. The Philippines currently ranks below that level despite longer hours than some peers in Europe, the Middle East and Africa.

The BSP cited several drivers for the proposed shift, including the growth in cross-border transactions and remittances.

The Philippines remains one of the world’s top remittance recipients, with overseas Filipino remittances reaching a record $38.34 billion in 2024.

These flows, the BSP said, “stand to benefit significantly from a near-24/7 RTGS environment that enables faster and more flexible settlement.”