BSP finalizes blueprint for cross-border payment

The Bangko Sentral ng Pilipinas (BSP) is set to issue the blueprint for multilateral cross-border payments connectivity among the Association of Southeast Asian Nations (ASEAN).

-  LAWRENCE AGCAOILI

BSP Deputy Governor Mamerto Tangonan said the Philippine central bank is prioritizing the establishment of interoperable cross-border, real-time retail payments systems among ASEAN member states.

Tangonan told reporters that the BSP is addressing challenges, such as high costs, limited access, low speed and lack of transparency.

He said the BSP has partnered with the Monetary Authority of Singapore and the Bank Negara Malaysia.

"We're also working on cross-border payments. We will be completing the blueprint of this scheme this year," he said.

The Philippines' InstaPay scheme can be linked with Singapore's PayNow and Malaysia's DuitNow for crossborder transactions.

Of the 1.7 million overseas Filipino workers (OFWs) in 2020, about 5.3 percent are in Singapore and 1.5 percent are in Malaysia.