BSP plans to extend PhilPaSSplus operations to near 24/7

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.

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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."