A Payment System - Bangko Sentral ng Pilipinas

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					WHAT IS A PAYMENT SYSTEM?

    A Payment System consists of a set of instruments, banking procedures and, typically,
interbank funds transfer systems that ensure the circulation of money. 1 In simple terms,
“money” is regarded as cash (i.e., notes and coins issued by the government or central bank) or
claims against credit institutions in the form of deposits. The use of bank deposits to make
payments has become an important medium in most developed countries and to make a
payment, the payer must issue an instruction in the form of a paper-based instrument (e.g. a
check) or an electronic instruction (e.g. using a credit or plastic card).

    The effectiveness of payment activities is fully dependent on the arrangements that facilitate
fund transfers between members and it is through these arrangements that constitute a
“payment system”. Payment Systems consist therefore of networks that link the members with
existing rules and procedures for the use of this infrastructure. A Payment System normally
requires the following:

       • Standard methods of transmitting payment messages between members
       • Agreed means of settling claims within the members/participants (normally through the
       deposits of the members/participants with the central bank)
       • Common operating procedures and rules (admission, fees, operating hours)

   Payment Systems are vital part of the economic and financial infrastructure. Their efficient
functioning, allowing transactions to be completed safely and on time, makes a key contribution
to overall economic performance. Payment Systems, however, can also involve significant
exposures to risks for members. It is for this reason that central banks have always taken into
account the design and operation of payment systems additional control features to mitigate
these risks.


WHY ARE PAYMENT SYSTEMS IMPORTANT?

a. Payment Systems allow safe and timely completion of transactions. Various payment
   systems are normally used by companies to buy or sell goods and services; individuals rely
   on them to receive their salaries and for retail purchases; and the government depends on
   them to receive taxes and pay benefits.

b. Payment Systems allow the customers of one bank to make payments to other banks
   thereby minimizing the risks of fraud and erroneous payments to illegitimate creditors.

c. Payment Systems are vital to the operation of financial markets as they are used to settle
   the transactions in money market instruments, bonds, equities, foreign exchange
   transactions, derivatives and other types of financial instruments.


WHAT ARE THE RISKS INVOLVED IN PAYMENT SYSTEMS?

The various risks in Payment Systems are as follows:


1
 Bank for International Settlements – Committee on Payment and Settlement Systems, A glossary of terms
used in payments and settlement systems (2003), p38


PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
a. Credit Risk – the risk that the counter-party will not meet an obligation for full value, either
   when due, or at any time thereafter.2 It includes both the risk of loss of unrealized gains on
   unsettled contracts with the defaulting party and more importantly, the risk of loss of the
   whole value of the transaction.

b. Liquidity Risk – the risk that the counter-party will not settle an obligation for full value when
   due.3 This could adversely affect the expected liquidity position of the payee and may force
   the payee to cover its cash flow shortage by funding from other sources to meet its
   obligations to others.

c. Settlement Risk – the risk that the completion or settlement in a transfer system will not take
   place as expected. This risk may comprise both credit and liquidity risk.4

d. Operational Risk – the risk of human error or a breakdown of some component of the
   hardware, software, or communications systems that are crucial to settlement.5

e. Legal risk – the risk of loss because of the unexpected application of a law or regulation or
   because a contract cannot be enforced6


WHAT ARE THE MAJOR PAYMENT INSTRUMENTS IN THE PHILIPPINES?

a. Check

     A written order from one party (the drawer) to another (the drawee, normally a bank)
     requiring the drawee to pay a specified sum on demand to the drawer or to a third party
     specified by the drawer. Checks may be used for settling debts and withdrawing money from
     banks.7

     In the Philippines, banks exchange checks through the Electronic Check Clearing System
     (ECCS) of the Philippine Clearing House Corporation (PCHC) for processing and settlement
     through their demand deposit accounts (DDA) that are maintained with the BSP. Checks are
     commonly used by consumers for bills and small value payments and for businesses for
     their regular payments such as purchase of goods and services.

b. Credit Card

     A card indicating that the holder has been granted a line of credit. It enables the holder to
     make purchases and/or withdraw cash up to a prearranged ceiling; the credit granted can be
     settled in full by the end of a specified period or can be settled in part, with the balance
     taken as extended credit. Interest is charged on the amount of any extended credit and the
     holder is sometimes charged an annual fee.8



2
  Ibid., p17
3
  Ibid., p29
4
  Ibid., p45
5
  Ibid., p36
6
  Ibid., p29
7
  Ibid., p12
8
  Ibid., p16


PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
     Credit cards in the Philippines are usually issued by the banks which have formed part of
     their marketing strategy to increase the number of their customer base and improve income
     that can be generated from retail and consumer business. Credit card use is no longer
     limited to the ordinary purchase of goods and services by the cardholders. Banks have
     expanded its usage for other purposes such as cash advance, easy installment plan for
     purchases, link-up to savings and checking accounts of cardholders etc. to attract more
     customers. The most common credit cards being used are the Visa, MasterCard, BanKard,
     BPI Express Card, Unicard, Diners Card, and American Express Card.

c. Debit Card

     Debit Cards enable the holder to have his purchases directly charged to funds on his
     account at a deposit-taking institution (may sometimes be combined with another function
     e.g. that of a cash card or check guarantee card).9

     The existing ATM networks (BancNet, MegaLink, ExpressNet, Nationlink and Encash) have
     developed their own Point-of-Sale (POS) System to allow their depositors to pay for their
     purchases electronically through their ATMs for credit to the retailer’s account.

d. Stored Value Card

     Stored Value Cards are prepaid card in which the record of funds can be increased as well
     as decreased. Also called an electronic purse.10

     In the Philippines, these cards are commonly single use instruments and non-reusable.
     Typical examples of single use cards are those issued by the the Light Rail Transit
     Authority, Metro Rail Transit Authority, and telecommunications companies. A bank
     pioneered also the use of multi-purpose reloadable e-Cash that can be used for cash
     withdrawal through the bank’s counter or automated teller machines or payment of bills to
     the accredited establishment of the e-Cash issuer.

e. Electronic Money

     A value stored electronically in a device such as a chip card or a hard drive in a personal
     computer.11 Also known as e-money.

     The BSP classify e-money further as monetary value stored electronically in an instrument
     or device which is withdrawable in cash, and if issued by a bank, shall not be considered as
     deposit.

     Two of the most popular form of e-money in the Philippines are SMART Money and Globe’s
     G-Cash.

WHAT ARE THE MAJOR PAYMENT SYSTEMS IN THE PHILIPPINES?

a. Philippine Payments and Settlements System (PhilPaSS)


9
  Ibid., p19
10
   Ibid., p47
11
   Ibid., p22


PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
     The Philippine Payments and Settlements System or PhilPaSS is the system name where
     both processing and final settlement of fund transfer instructions can take place
     continuously (i.e. in real time). As it is a gross settlement system, transfers are settled
     individually, that is, without netting debits against credit. As it is a real time settlement
     system, the system effects final settlement continuously rather than periodically at pre-
     specified times provided that a sending bank has sufficient balances or credit. The
     settlement process is based on real time transfer of central bank money.

b. Electronic Check Clearing System (ECCS)

     Operated by the Philippine Clearing House Corporation, ECCS is the system used to
     facilitate the exchange of checks issued by banks for processing and settlement through
     their DDAs with the BSP.

c. Electronic Peso Clearing System (EPCS)

     The Electronic Peso Clearing system is an interbank account-to-account fund transfer
     system that supports bulk, recurring, non-time sensitive payment and collection transactions.
     This is considered a cost-efficient means of transacting payments and collections and
     considered as a robust alternative to check payments. EPCS is operated by the Philippine
     Clearing House Corporation.

d. Philippine Domestic Dollar Transfer System (PDDTS)

     This system allows online, real time settlement of domestic interbank US Dollar
     transfers/trading. In addition, it provides a facility for online inquiry and settlement of foreign
     exchange transactions, where the PDDTS participants enter interbank US Dollar and Peso
     transfer instruction in a single screen. The US Dollar leg is settled via PDDTS while the
     Peso leg is transmitted via the PDS Settlement Hightway (PSH) to the Philippine Payments
     and Settlements System (PhilPaSS) for settlement by the Bangko Sentral ng Pilipinas.

e. PDS Settlement Highway (PSH)

     The Philippine Dealing System (PDS) Settlement Highway (PSH) enables the real time
     settlement of various investment trading activities including, but not limited to the following:
     1) Peso leg of US Dollar interbank transfers/trading (via Payment vs. Payment system or
     PvP),                   2) interbank/interdealer repurchase transactions, and 3) Public market
     securities trading via the expanded Delivery vs. Payment system or eDvP.

f.   MegaLink/BancNet ATM Network System

     MegaLink and BancNet, two of three (3) major ATM Network consortiums in the country, are
     third party systems that interface with PhilPaSS in order to facilitate the online and (near)
     real time settlement of inter-member network funds resulting from daily depositor-
     withdrawals through interconnected banks’ ATM terminals.

     After total withdrawal transactions are processed and consolidated by the end of the day,
     the MegaLink and BancNet systems compute and generate the amount(s) to be paid and/or
     /reimbursed to other member bank(s) where the depositor(s) sourced the proceeds of
     withdrawals. These payments and reimbursements are settled against the respective
     PhilPaSS demand deposit account(s) of the member-banks.


PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
    g. PhilPaSS REMIT System for Overseas Filipino Worker (OFW) remittances

         OFW remittances settled by PhilPaSS REMIT pertains to remittances of Overseas
    Filipino Workers for deposit to other banks where beneficiaries maintain deposit accounts.
    The PhilPaSS REMIT System was developed by BSP to bring into the formal channel via
    the banks the OFW remittances to ensure fast and efficient settlement into accounts of
    beneficiaries as well as safeguard funds against delayed delivery and/or fraud. Moreover,
    PhilPaSS REMIT imposes a minimal fee of Php5.00 charged against the remitting bank’s
    DDA maintained with BSP. Moreover, back-end processing fee, the fee being charged by
    the beneficiary bank in crediting the remittance to the account of the beneficiary is
    standardized at Php50.00


WHAT IS REAL TIME GROSS SETTLEMENT (RTGS) SYSTEM?

   RTGS is an automated facility, normally run by a country’s central bank, to effect high-value
payment instructions between banks through the deposit accounts of the banks that are
maintained with the central bank.

  Each RTGS System being operated by a central bank has its own unique name. BSP’s
RTGS System is called the Philippine Payments and Settlements System or “PhilPaSS”.


WHAT ARE THE BENEFITS OF AN RTGS SYSTEM?

An RTGS system can provide the following benefits:

a. Real time and immediate settlement of payments
b. Mitigation of settlement, credit and liquidity risks
c. Payments are made irrevocable and final


WHO OWNS AND OPERATES PhilPaSS?

    The BSP is the owner and operator of the RTGS system commonly known as “PhilPaSS”,
and it is likewise designated as the settlement bank or Central Institution for the settlement of
transactions that are processed through the system.

    As owner and operator of the PhilPaSS, the BSP is responsible for:

a. Providing, maintaining and upgrading the system including system hardware and software.
b. Ensuring uninterrupted operations between the System and SWIFT (the network provider)
   and adequate Continuity of Business (COB) plans are in place.
c. Ensuring that adequate back-up files are available for continuous and efficient operation of
   the system.

    As settlement bank, the BSP through the system is responsible for:

a. Maintenance of a Participant’s PhilPaSS account wherein all PhilPaSS transactions and
   other bank transactions shall be posted during the PhilPaSS business day.
b. Receiving and authenticating electronic fund transfer instructions from the participants.


PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
c. Checking if the paying bank has sufficient balances and posting the debit entry in its DDA
   and credit entry in the beneficiary bank’s DDA.
d. Providing feedback to the participants regarding their PhilPaSS transactions, balances and
   queries.


WHAT WAS THE SYSTEM BEING USED BY THE BANKS/FINANCIAL INSTITUTIONS FOR
THEIR INTERBANK TRANSACTIONS PRIOR TO THE IMPLEMENTATION OF PhilPaSS ON
DECEMBER 12, 2002?

    Prior to December 12, 2002, the banks/financial institutions were using the Enhanced Multi-
transaction Interbank Payment System (MIPS2) for their interbank transactions. MIPS2 was an
electronic net clearing system that was operated by the Bankers Association of the Philippines
(BAP) and Philippine Clearing House Corporation (PCHC) in coordination with the BSP. Both
counter-parties had to input their transactions through the MIPS terminal provided by PCHC.
PCHC in turn, verifies and authenticates the transactions prior to its electronic transmission to
the BSP for settlement. The status of the transactions of the banks/financial institutions was
being secured by the participants through the reports from MIPS2 while the balances of their
demand deposits were being advised through an hourly electronic broadcast by the
BSP/Comptrollership Department. Participants under MIPS2 were subjected to admission fees
and a transaction fee of PhP120.00 which was being billed to the account of the debit party for
every interbank transaction.


WHO ARE THE PARTICIPANTS IN PhilPaSS?

    The original participants under MIPS2 were considered as participants in PhilPaSS when
this was officially launched last December 12, 2002.                     In addition, the BSP
departments/offices/units that were directly involved in MIPS2’s interbank transactions were
automatically listed as participants in PhilPaSS. The following are the participants in PhilPaSS:

i. BSP Payments and Settlements Office
ii. BSP Treasury Department
iii. BSP Provident Fund Office
iv. Thirty Five (35) commercial banks
v. Three (3) specialized banks
vi. Thirty nine (39) savings and thrift banks
vii. Twenty five (30) rural banks
viii. Thirteen (13) non-banks with quasi-banking facility (NBQB)


WHAT ARE THE TRANSACTIONS PROCESSED BY PhilPaSS?

    The following transactions (with value dates equal to PhilPaSS business day) are accepted
for processing:

a. High-value funds transfer among banks, non-bank financial intermediaries performing quasi-
   banking functions (NBQBs)




PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
b. Purchase and sale of government securities under outright and repurchase agreements
   between and among banks and NBQBs and BSP in connection with the latter’s Open
   Market Operations

c. Settlement of the peso leg of foreign currency transactions via the Payment vs. Payment
   (PvP) System

d. Settlement of payments for the primary and secondary market trading of government
   securities via the Delivery vs. Payment (DvP) System

e. Settlement of payments for the public (tertiary) market trading of government securities and
   inter-dealer repo transactions via the Enhanced Delivery vs. Payment (eDvP) System

f.   Customer payment instructions

g. Interbank settlement of Automated Teller Machines (ATM) transactions within the members
   of ATM network provider and settlement of inter-network transactions of ATM network
   providers.

h. Cash Withdrawals with BSP-Cash Department

i.   Results of Check Clearing operations (by PCHC)

j.   Revenue Collections (BIR and BOC taxes/duties)

k. BSP-Treasury Department domestic transactions

l.   e-Rediscounting deals with BSP-Department of Loans and Credit

m. Annual Supervisory Fees

n. Withdrawal of Excess Reserves with BSP

o. Cash deposits

p. OFW remittances

    Future dated interbank transactions – payment instructions with value dates greater than the
current value date [up to four (4) calendar days] of the system, are accepted but are
warehoused and processed only on the date indicated.

    Transactions with past value dates (value dates are less than the PhilPaSS system date)
are rejected for processing.    Only transactions with current value dates or future dated
interbank transactions as defined above are accepted for processing and settlement by
PhilPaSS.




PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
WHAT ARE THE SYSTEM COMPONENTS OF PhilPaSS?

a. LOGICA Clearing and Settlement System/Central Accounting System (LCSS/CAS)

    The LCSS/CAS is the main application in the system. Its basic function is to process
    incoming SWIFT settlement instructions from participants and prompt the accounting and
    recording of these transactions to the participants’ DDA with BSP.

b. SWIFT Network

    The existing global communication network of SWIFT is a component of the system that
    enables the participants to transmit their financial transactions to their counterparties
    electronically. The participants are required to enroll to SWIFT FIN Copy Service to allow
    them to transmit directly their PhilPaSS transactions to BSP’s LCSS/CAS for processing and
    settlement.

c. Data Communications

    The existing data communications service provider (ORANGE BUSINESS UK LTD) by
    SWIFT is also a major component of the system that serves as the communication link
    between the PhilPaSS and the Participant’s Computer-Based Terminals (CBTs).

d. Philippine Payment System – Front-End System (PPS-FES)

    For non-SWIFT member banks (thrift/savings banks, financial institutions or non-banks with
    quasi-banking facility and rural banks), the PPS-FES was developed by the BSP’s
    Information Technology, Infrastructure and Operations Department (ITIOD) to enable these
    participants to transmit their financial transactions to their counterparties through the BSP’s
    LCSS/CAS.




PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
    The following diagram shows the basic system components of PhilPaSS:

                                         PhilPaSS (RTGS) COMPONENTS

                                                                                               SWIFT USERS
                                                                               SWIFT         INTERBANK TRANSACTIONS
                                                                             ALLIANCE
                                                                              SERVER           (9:00AM – 5:45PM)
   BSP-CASH DEPT.
                                              BEGINNING                                 ELECTRONIC CASH WITHDRAWAL
       CASH DEPOSITS
                                               OF DAY                                   SYSTEM
                                                                                               (9:00AM – 12:00 NOON)

                                               BALANCES                                        NON-SWIFT USERS
                                                (09:00AM)                      PPS           INTERBANK TRANSACTIONS
                                                                             FRONT-            (9:00 AM – 5:45PM)
                                                                               END
                                 CORE                              (RTGS)    SYSTEM
   BSP-DLC                                                                              ELECTRONIC CASH WITHDRAWAL
                               FINANCIAL      INTRA-DAY           CENTRAL               SYSTEM SYSTEM
      LOANS GRANTS &          ACCOUNTING         cFAS            ACCOUNTIN                     (9:00AM – 12:00 NOON)
                                                                                        SSTSMSYSYSTEM SYSTEM
        REPAYMENTS           SYSTEM (cFAS)                        G SYSTEM
                                             TRANSACTIONS                               SSYSTEM
                                                                                              MEGALINK
                                             (9:00AM – 5:45PM)
                                                                   (CAS)                        ATM TRANSACTIONS
                                                                                                (9:00AM – 11:00AM)

                                                                                               PSSC

   BSP BRANCHES                                                                               PAYMENT VS. PAYMENT
                                                  RTGS                                          (9:00AM – 5:45PM)
       REGIONAL CASH
       TRANSACTIONS                          TRANSACTIONS                     THIRD            EFTIS
                                                (6:00PM)                     PARTY
                                                                                              REVENUE COLLECTIONS
                                                                             OPTION
                                                                                                (9:00AM – 2:00PM)

                                                                                               PCHC

   INTERNAL TRANS                                                                                   EPCS/ECCS
 OTHER TRANS AFFECTING DDA                                                                      (3:30pm – 4:45PM)
                                AS/400                            RS6000
                                                                                                BUREAU OF THE TREASURY
                                                                                              DELIVERY VS. PAYMENT
                                                                                                - Telerate & PDEx
                                                                                               (9:00AM - 4:00 pm
                                                                                                BSP-TREASURY
                                                                                             DEPARTMENT
                                                                                           BSP-TREASURY TRANSACTIONS


                                                                                             PHILPASS REMIT
                                                                                                OFW REMITTANCES

                                                                                             9:00 AM - 3:00 PM



WHAT IS SWIFT AND SWIFT FIN COPY?

   SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a
secured, dedicated, global communication network that supports a range of financial messaging
services including FIN, its core store-and-forward message processing service. The service
provides financial institutions with a wide range of message types for fast, secure transaction
and information processing and settlement.

   FIN Copy is a message transmission service that has been developed to assist financial
communities in the creation of centralized systems such as RTGS or Netting Systems. FIN
messages are comprised of structured headers, text and trailers, that conform to internationally
accepted standards. Their confidentiality, integrity, and authenticity are ensured by means of:

a. Security of transmission, delivery and message storage
b. The encryption of user data within the system, both in transit and on system                                          storage
   devices
c. Message validation




PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
WHAT ARE THE MECHANICS FOR THE IMPLEMENTATION OF SWIFT FIN COPY?

     The FIN Copy is implemented on a closed user group (CUG) basis and consists of:

    Participating financial institutions (FIN Copy users)
    Central Institution (responsible for clearing, netting, settlement, etc.)

    A CUG is a group of users who may, for certain types of message or service, communicate
among themselves, but not with users outside the CUG. A CUG has certain defined
characteristics. For example, a FIN Copy CUG may define various characteristics such as types
of messages that may be FIN- copied among its members.


WHAT ARE THE STANDARD MESSAGE TYPES (MT) AVAILABLE FOR PROCESSING
UNDER SWIFT FIN COPY BY THE MEMBERS OF THE CUG?

  The following are the standard message types that are available under SWIFT FIN Copy to
members of the CUG:

a.   MT102 - Multiple customer credit transfer
b.   MT103 - Single customer credit transfer
c.   MT202 - General financial transfer
d.   MT205 - Financial institution transfer execution
e.   MT298 - Proprietary message type for various functions (i.e. cancellation request, business
     priority change request, unsettled payment information)
f.   MT920 - Account inquiry request
g.   MT800 - Payment inquiry request
h.   MT801 - Request for status of unsettled payments
i.   MT999 - Free format message

WHAT IS THE SIGNIFICANCE OF SWIFT FIN COPY TO PhilPaSS?

    SWIFT FIN Copy provides a simple, flexible and secure way for the BSP to monitor and
control financial transactions. FIN Copy uses the facilities of the FIN messaging service, which it
enhances by copying selected information to the third party. The service may be used for the
clearing, netting and settlement of high value payments, securities and other financial
transactions. It allows the users to protect the origin and integrity of their message text by
means of double authentication. Standard FIN messages use an authentication mechanism
based on Relationship Management Application (RMA) between the sender and receiver. The
second message authentication mechanism is based on RMA between the Central Institution or
Central Bank and the receiver. The two (2) authentication processes are both automatic in
SWIFT and PhilPaSS to ensure the security of the payment instruction messages that are
transmitted by the participants to the System.

     There are two (2) copying modes under SWIFT FIN Copy. These are:

a. Y-Copy Mode

   FIN Copy intercepts the FIN message and then copies some or all of the information to a
Central Institution or Central Bank.



PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
   FIN copy holds the message in temporary queue until the Central Bank sends the
appropriate authorization or rejection, after which either the message is delivered to the
receiver, or the sender receives an abort notification.

b. T-Copy Mode

   FIN Copy copies to the Central Bank some or all of the contents of a FIN message that has
been delivered to the receiver. The Central Bank is responsible for advising, by separate
messages after the event, the sender and the receiver of the status of the transaction.

   The BSP is utilizing the FIN Y Copy mode of monitoring and controlling the financial
payment instructions of PhilPaSS that are being transmitted through the SWIFT network.

  The following diagram shows the basic flow of SWIFT messages that are being sent by a
member of SWIFT CUG through the SWIFT network:

                                                SWIFT-CAPABLE BANKS in CUG
                                                   (CLOSED USER GROUP)
                                      X. 25 Leased line

                                      MT 012 or MT 019                         Dial-up
                                        MT 012 = Accepted                    Connection
                                        MT 019 = Rejected




                         BANK A                                                            BANK B


                           MT 202                                                              MT 202




                                                            S.W.I.F.T
                                                    Society for Worldwide Interbank
                                                     Financial Telecommunications




                                                  MT 096                         MT 097



                                                                                      BSP-HO
                                                                SWIFT
                                                                ALLIANCE
                                                                 SERVER

                                                                   225
                                                                AVERAGE
                                                              TRANSACTIONS


                                             IN TO CAS                         OUT OF CAS



                                                                  CAS
                                                               CENTRAL
                                                              ACCOUNTING
                                                                SYSTEM




    In SWIFTNet Phase 2, Public Key Infrastructure (PKI) digital signatures replace the end-to-
end authentication aspect of Bilateral Key Exchange (BKE). The relationship management
aspect of BKE is replaced by a new, more powerful way to manage relationships, the
Relationship Management Application (RMA). RMA ensures that each SWIFT user will be able
to reflect the business relationship in place by providing full control over the traffic that will be
received from their correspondents. RMA is not limited to FIN, but can be used with all
SWIFTNet services. It stores a customer’s relationship management information and interacts
with the relevant interface to ensure that only traffic for which authorization is in place will be
sent. The additional granularity provided by RMA means that allowable traffic can be specified
for each correspondent. When SWIFTNet Phase 2 was completed in 2008, all SWIFTNet FIN
users were mandated to use RMA instead of BKE to manage relationships. SWIFT has
designed RMA to be easier to use than BKE. RMA offers more control than BKE including:

        Who can send the user messages


PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
        What they can send (which message types)
        When they can send messages

   The overall objective of RMA is to stop unwanted traffic at the sender. By not receiving
unwanted traffic, users save time and effort in treating this traffic, and are less exposed to risks
of wrongly processing such unwanted traffic. This helps protect the users against audit and
regulatory compliance risks, and helps to avoid fines and damage to reputation.


WHAT ARE THE ROLES OF THE PARTICIPANTS AND THE BANKERS ASSOCIATION OF
THE PHILIPPINES (BAP), CHAMBER OF THRIFT BANKS (CTB), INVESTMENT HOUSE
ASSOCIATION OF THE PHILIPPINES (IHAP), THE RURAL BANKERS ASSOCIATION OF
THE PHILIPPINES (RBAP), AND THE PHILIPPINE FINANCE ASSOCIATION (PFA) IN THE
OPERATIONS OF PhilPaSS?

a. Participants

     Participants shall be responsible for the upgrading, testing and maintenance of their
Computer Based Terminal (CBT) for the SWIFT FIN Service Facility or PPS-FES to ensure
uninterrupted linkage with the system and shall ensure that a back-up computer site
configuration is available to recover the participant’s systems operations if its primary computer
fails.

b. BAP, CTB, IHAP, RBAP, and PFA

    The BAP, CTB, IHAP, RBAP and PFA were designated by their members to negotiate and
sign the agreement for PhilPaSS and as such, they shall be responsible for ensuring that their
member banks/financial institutions adhere strictly to the terms and conditions of the PhilPaSS
agreement and PhilPaSS rules and regulations.


WHAT ARE THE REQUIREMENTS FOR ADMISSION OF NEW PARTICIPANTS TO
PhilPaSS?

a. All banks and non-banks with quasi-banking licenses are allowed to participate in PhilPaSS.

b. An applicant is required to send its application for participation and a certification of good
   membership standing from the association where the institution is affiliated such as the
   BAP, CTB, IHAP, RBAP, PFA or the Philippine Clearing House Corporation (PCHC).

c. The BSP’s Payments and Settlements Office shall advise the applicant on the other
   PhilPaSS admission requirements immediately after its initial review of the supporting
   documents submitted by the applicant.

   If the application of a prospective participant is deferred due to deficiencies in
documentation/requirements, the applicant shall be directed to re-submit its application after it
has complied with the documentation requirements.




PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
ARE THERE ADMISSION OR MEMBERSHIP FEES FOR PARTICIPATION IN PhilPaSS?

    Other than the qualifying requirements mentioned in the preceding section, there are no
admission or membership fees for participation in PhilPaSS. A wide-scale use of PhilPaSS is
encouraged to promote over-all financial stability. Participants, however, pay transaction fees for
using the system.


WHAT ARE THE APPLICABLE TRANSACTION AND OTHER FEES OF PhilPaSS?

    Effective 01 February 2008, the revised fees (for PhilPaSS transactions, exclusive of SWIFT
related costs) are as follows:


                                                     New Fees
        TYPES OF FEES                             MBR No. 47 (2008)               IMPLEMENTATION
                                                                                       DATE
 A. Transaction fees                 Transaction value                Fee per
                                                                    Transaction

 1. Interbank (Debits)                                                               Feb 1, 2008
 2. Payment vs. Payment           1.00 - 100.00                 FREE of Charge
                                                                                     Feb 1, 2008
      (PVP) transactions –
      PFX
 3.   Delivery vs. Payment        101.00 - 500,000                  Php 5.00
                                                                                     Feb 1, 2008
      (DVP) transactions – BTr-
      GS / FIE / Equities
 4.   PCHC transactions (Win /    500,001 - 1,000,000                     10.00
                                                                                     Feb 1, 2008
      Loss)
 5.   ATM Network/MegaLink
                                  1,000,001 - 39,999,999.99 Ad Valorem Fee =         Feb 1, 2008
      transactions
 6.   Electronic Fund Transfer                              Trans. Value x
                                                            .00001                   Feb 1, 2008
      Instruction System
      (EFTIS)                                               (Round to nearest
                                                            Peso)
 7. Customer                      40,000,000 and Above                  400.00
      payments/transfers


 8. Manual processing of            P1,000.00 + Ad Valorem Fee (TV x .00001)         Feb 1, 2008
      inter-bank transactions:         OR P5,000.00, whichever is LOWER
      RTGS/EFTIS

 B. Other Fees (NO                                MBR No. 1851(2003)
 Change)

 1. (Online) Transaction                          P100.00 per inquiry                March 2004
      inquiries
 2. S O A Request (Printout)                      P100.00 per request                March 2004

 3. Intraday Liquidity Facility    Pending Implementation of the New ILF System      March 2004

 4. Monthly Access/Connection                Primary              Back-up
      Fee
                                                                                  Effective July 2008
       PCHC                                FREE                   FREE
       MegaLink                            FREE                   FREE           (MBR No. 849 dated
                                            FREE                   FREE              2 July 2008)



PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
      PSSC
 5. Annual License fee
      Electronic Fund
       Transfer Instruction                                                    Effective July 2008
       System (EFTIS)                                    FREE
                                                                               (MBR No. 849 dated
      Phils. Payments                                                            2 July 2008)
       System-Front End                                  FREE
       System (PPS-FES)
 6. Administration Fees
      EFTIS/PPS/SWIFT
       a. Registration new               P2,000.00/user up to two (2) years
           users/profiles                                                           March 2004
       b. Installation of                      P5,000.00/workstation
                                            st
          new/add’l                       (1 installation is Free of charge)
          workstations (excl.
          SWIFT)



WHAT ARE THE SYSTEM RULES AND REGULATIONS GOVERNING PhilPaSS?

      The system rules and regulations governing PhilPaSS are embodied in the Agreement for
the Philippine Payments System via Real Time Gross Settlement (PPS-RTGS) and the Rules
and Regulations Governing the Philippine Payments System via Real Time Gross Settlement
that were signed and approved individually by the PhilPaSS participants.


IS THERE A LIMIT ON THE VALUE OR RESTRICTIONS ON TRANSACTIONS THAT CAN
BE ENTERED IN THE PhilPaSS?

       There are no limits on the value or type of transactions that can be entered in the
PhilPaSS provided both counter-parties are maintaining Demand Deposit Accounts in PhilPaSS
and the value dates of the transaction are equal to the current business date of PhilPaSS. If the
transactions are future dated, the value dates should not be more than four (4) calendar days
than the current value date of the system.


WHAT ARE THE IMPORTANT FEATURES OF PhilPaSS?

    The PhilPaSS has the following salient and built-in security features in processing its
transactions:

a. Transaction Validation

      All settlement and payment instructions by participants are subject to verification to avoid
possible duplication or unauthorized payments. The following fields are normally validated prior
to final settlement:

    i. Transaction reference number
    ii. Message Type
    iii. Value date



PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
     iv. Submitter’s network address (bank identifier code-BIC)

b. Audit Trail

   The system maintains sufficient information to resolve disputes regarding the processing it
had performed on behalf of the participants and the BSP. Its audit records contain the time and
date of events and identity of the participant-bank who initiated the transaction.


c. Transaction Status Verification

    Participants are able to verify the status of their settlement instructions request by initiating
the SWIFT or PPS-FES Payment Inquiry Request. The transactions of the participants may
have any of the following status:

     i. Pending – payment had been on payment queue and settlement status for the payment
     is still in abeyance.

     ii. Warehoused – when the payment is received and the value date is greater than the
     current value date. The System allows warehousing of payments of up to four (4) calendar
     days.

     iii. Rejected – transactions that are invalid due to abnormal business reasons (i.e. back-
     valued transactions, duplicate payment instruction, incomplete BIC of counterparty, invalid
     payment instruction format).

     iv. Settled – transactions that were fully accepted, processed and settled by the system.

d.    System Inquiries and Reports

    Participants may issue the following requests/inquiries and secure various reports through
the system using applicable SWIFT/PPS-FES message types:

     i.     Request for cancellation of payment instruction
     ii.    Report on details of unsettled payments
     iii.   Account inquiry message (account balance, account movements details)
     iv.    Payment inquiry request (details of debit or credit entries to the account)
     v.     Request for status of unsettled payment

e. Payment Queuing Prioritization

    Debit instructions that cannot be settled due to insufficient funds in the DDA of the
participants will be held on queue until the system has checked that adequate funds are
received by the DDA to allow settlement. Pending debit instructions that are on queue will be
settled based on business priority in the order of arrival or in First-In-First-Out basis. The
system will send an automatic SWIFT advice for the details of the debit instruction that is
causing the queue and the participants may then decide whether there is a need to change the
business priority of the item in queue or cancel their other payment messages that are also in
queue. Participants may request the change in business priorities of their other critical and
urgent transactions to allow their settlement if there is sufficient balance in their DDA.



PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
f.   Gridlock Resolution

   The system has the capability to initiate gridlock resolution through its algorithm method
every thirty minutes whenever two (2) or more payment instructions of participants remain
unsettled. Payment queues that are not settled in the initial gridlock resolution will be
considered in the next processing of unsettled payments which will be initiated by the System
every thirty (30) minutes to settle payments on queue during the PhilPaSS business day.

g. Intraday Liquidity Facility (ILF)

    The system also provides the processing of ILF to ensure the continuous settlement of
interbank transactions and to avoid payment gridlock in the system. Any participant who wishes
to avail itself of the ILF will have to submit the required documentation to obtain approval from
the BSP Treasury Department in coordination with the Bureau of Treasury (BTr).

  Access procedures to BSP’s ILF System are provided for under a separate, independent
Memorandum of Agreement (MOA).


WHAT ARE THE OPERATING HOURS OF PhilPaSS?

       Transactions in PhilPaSS are concluded by and among participants during the following
timelines:

     TIMELINES                                              ACTIVITY
                                                         Back Value Window
7:30 a.m. – 8:00 a.m.      Posting/Settlement of PCHC AM Returns
8:01 a.m. – 8:45 a.m.      BSP/Interbank window for Losses in AM Returns
9:00 a.m.                  RDDA balances (T-1) available on demand via EFTIS
                                                Current Day’s Window
9:00 AM                    Start of PhilPaSS business hours
                           Beginning balances generated for PhilPaSS-RDDA
                           Regular window for same day interbank transactions
                           Posting/settlement of other RDDA transactions (i.e. BTr and
                           other BSP departments)
                           Following are the cut-off times set for particular transactions:
                            11:00am - ATM transactions
                            12:00 noon - BSP-ECWS
                              3:00 pm - OFW remittance transactions
                              4:00 pm - BTr-GS DvP/PSH - eDVP/Repo transactions
                              5:45 pm - PCHC-EPCS/ECCS, BSP-RP/RRP, PSH-PvP,
                                          Interbank Borrowing/Lending
4:45 PM – 5:45 PM          Trading and settlement for end-of-day liquidity and reserve
                           positions
                           During the day, banks can inquire their balances in PhilPaSS
                           either    through    SWIFT/MT920         or    PPS-FES       Client
                           System/MT950.
5:46 PM - 6:00 PM          PhilPaSS window for manual settlements, if any.


PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
6:00 PM                    PhilPaSS Close of Business
Up to 6:15PM.              Final copy of PhilPaSS-RDDA balance via MT950

      In the event that a non-working day for government agencies but not for banks is
declared, the following policies will be observed by the BSP and PhilPaSS participants:

a. If the declaration is received by the BSP prior to or on the same day as the date covered by
   declaration:


                                                         Check        Treasury                     Non
Time of Receipt of Announcement         PhilPaSS         Clearing     Window         Reserve       Reserve
1. On an ordinary business day prior    Closed           No           Closed                                 √
to the date of effectivity                               settlement
2. On a Saturday or Sunday to take
effect the following Monday or on a
non-working holiday to take effect
the next business day
     a. Under good weather              Open             Normal       Open                     √
        conditions
     b. Under bad weather               Closed           No           Closed                                 √
        conditions, i.e., Typhoon                        clearing
        signal no. 3
3. Before 9:00am on the same            Closed           No           Closed                                 √
date as effectivity                                      clearing
4. After 9:00am on the same date        Open             Normal       Suspended;               √
as effectivity (Day 1)                  1:00PM                        to be
                                                                      resumed the
                                                                      following
                                                                      day at
                                                                      9:01am to
                                                                      9:45am
(Day 2)                                 Open             Normal       Open                     √
                                        1:00PM
5. In case of suspension of work is
extended to Day 2
     a. Before 9:00am of Day 2          Closed           No           Closed; Day                            √
             (Day 2)                                     settlement   1
                                                                      transactions
                                                                      will be
                                                                      moved to
                                                                      Day 3 (for
                                                                      value Day 1)
              (Day 3)                   Open             Normal       Resumed                  √
                                                                      from 9:01-
                                                                      9:45am (for
                                                                      value Day 1)
                                                                      Then, 4:45-
                                                                      5:30 for
                                                                      same day
                                                                      transactions
   b. After 9:00am of Day 2             Open         Normal           Resumed                  √
      (Day 2)                                                         from 9:01-
                                                                      9:45am (for
                                                                      value Day
                                                                      1),
                                                                      Then, Day 2
                                                                      transactions



PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
                                                                suspended
                                                                to be
                                                                resumed the
                                                                following day
                                                                from 9:01am
                                                                to 9:45am
            (Day 3)                     Open         Normal     Resumed                   √
                                                                from 9:01-
                                                                9:45am (for
                                                                value Day
                                                                2), then,
                                                                4:45pm to
                                                                5:30pm for
                                                                same day
                                                                transactions

                                                     Check      Treasury                      Non
Time of Receipt of Announcement         PhilPaSS     Clearing   Window          Reserve       Reserve
                                        Open         Normal     Open                      √
6.   In case the suspension if work
     does not apply to all gov’t
     offices (Manila Day, Quezon
     City Day)


b. Since the prior day’s end-of-day procedures will be performed on the following banking day
   from 9:00AM to 1:00PM, there will be a maximum four (4) hour delay in the system opening
   of the next banking day (i.e., to start at 1:00PM instead of 9:00AM).

c. If work suspension is extended up to the next banking day, banks shall close, but they may
   opt to conduct over-the-counter transactions. There will be no clearing and it will be
   considered a Non-Reserve day. Transactions will be valued the next banking day.

d. The BSP may suspend the BSP trading and settlement windows as the need arises under
   abnormal situations.

e. Peso-US Dollar trading shall also be available unless jointly suspended by the BSP and the
   BAP.


CAN A PARTICIPANT REQUEST THE REVERSAL OF ITS SETTLED TRANSACTION IN
CASE AN OMISSION OR ERROR WAS COMMITTED IN THE TRANSMISSION OF ITS
PAYMENT INSTRUCTION (i.e., INCORRECT COUNTER-PARTY, OVERSTATED AMOUNT)?

       All transactions settled in PhilPaSS are considered final and irrevocable. Participants are
therefore not allowed to request the reversal of their erroneous transactions from the BSP
Payments and Settlements Office. Participants may request for the cancellation of their payment
instruction through the standard SWIFT/PPS-FES message format SMT199/299/999 if the
payment instructions are still unsettled and pending in the system.


IN THE EVENT THAT PhilPaSS IS INOPERABLE, HOW WILL THE PARTICIPANTS
TRANSMIT THEIR PAYMENT INSTRUCTIONS TO THE BSP FOR PROCESSING AND
SETTLEMENT?




PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
       PhilPaSS has two (2) back-up systems, the local back-up facility within the BSP Complex
and the off-site location that can be made operational immediately in the event that the primary
site is inoperable. In case the two back-up systems are also inoperable due to extraordinary
circumstances, the BSP can activate its existing Electronic Fund Transfer Instruction System
(EFTIS) to allow the participants to send their interbank instructions to BSP for processing and
settlement. All PhilPaSS participants will be duly advised through SWIFT and PPS-FES
message/advisories on the contingency plan(s) that the BSP will initiate in case PhilPaSS’
primary site is encountering technical problems.


HOW CAN A PARTICIPANT TRANSMIT ITS PAYMENT INSTRUCTION TO PhilPaSS IN
CASE ITS SWIFT COMPUTER-BASED TERMINALS OR PPS-FES ENCOUNTER
CONNECTIVITY PROBLEM WITH PhilPaSS?

The participants may resort to manual settlement by accomplishing the COB Manual Settlement
Form and transmit the same (via fax) to BSP-PSO for processing and settlement. After
processing and settlement, i.e. signature-verification, encoding and authorization, the BSP-PSO
shall return (fax) the processed COB Manual Settlement Form to the sending participant-bank
indicating that the requested manual instruction settlement has been effected.


WHICH BSP DEPARTMENT CAN THE BANKS/FINANCIAL INSTITUTION CONTACT FOR
REFERRAL AND ASSISTANCE, FOR INQUIRIES RELATED TO PhilPaSS?

      The banks/financial institutions may contact the following departments/ units in BSP for
any operational problem/issues/queries related to PhilPaSS:

For policy and operational matters

BSP Payments and Settlements Office
      - Bella S. Santos                             525-6650      bsantos@bsp.gov.ph
      - Eleanor S. Turaray                          302-4184      eturaray@bsp.gov.ph
                                                    523-3756


For payments/settlements and other inquiries

BSP Payments and Settlements Office - Help Desk

             Contact Persons                             PhilPaSS Help Desk Nos.
  Remedios C. Macapinlac                                        400-7071
  Ma. Victoria H. Francisco                                     400-7024
  Leticia A. Barroga                                            400-7073
  Edring S. Marqueses                                           708-7694
  Michelle P. Bismonte                                          708-7697
  Ma. Cristina M. Villaverde                                    708-7540

e-mail: Payments_Unit@bsp.gov.ph




PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
For system/hardware and technical matters

Information Technology Sub-Sector
       - Lillian S. Gelvezon                         708-7547             lgelvezon@bsp.gov.ph

                                                 PhilPaSS PARTICIPANTS


SWIFT PARTICIPANTS
            Bank                SWIFT BIC Code         Contact person                Tel. No./eMail Address
Allied Banking Corporation      ABCMPHMMXXX      Melita C. Tan               816-5541
                                                                             mctan@alliedbank.com.ph
Asia United Bank Corporation AUBKPHMMXXX         Isabelita M. Papa           papaim@asiaunited.com.ph
                                                                             635-0458
                                                 Zita M. Los Baños           losbanoszm@asiaunited.com.ph
Australia and New Zealand   ANZBPHMXXXX          Ricardo O. Pena             818-8117
Bank                                                                         Ricardo.Pena@anz.com
Banco De Oro Universal Bank BNORPHMMXXX          Ruby A. Chua                840-7000 loc 8200
                                                                             rac@bdo.com.ph
BDO Private Bank                BOPBPHMMXXX      Racquel D. Mañago           848-6296
                                                                             manago_racquel@pb.bdo.com.ph
                                                 Oscar C. Pambid             848-6300 loc. 129
                                                                             ocp@pb.bdo.com.ph
                                                 Ramona T. Torres            848-6300 loc. 123
                                                                             rtt@pb.bdo.com.ph
Bangkok Bank Public             BKKBPHMMXXX      Phisit Charoenphan          752-0333
Company Ltd                                                                  bangkokbank@bbl.com.ph
Bank of America NA Manila       BOFAPH2XXXX      Henry T. Pelaez             815-5600
                                                                             henry.pelaez@bankofamerica.com
Bank of China Manila Branch     BKCHPHMMXXX      Dong Xiao Xia               885-0111 loc 105/103
                                                 Marina B. Espinosa          bocmnl_actg@bocgroup.com
Bank of Commerce                PABIPHMMXXX      Wilma M. Escoto             810-0616
                                                                             wmscoto@bankcom.com.ph
Bank of the Philippine Islands BOPIPHMMTRY       Corazon S. Tumbocon         816-9188
                                                                             cstumbocon@bpi.com.ph
Bank of Tokyo Mitsubishi Ltd.   BOTKPHMMXXX      Julieta D. Taopo            886-7371 loc 401
                                                                             juliet_taopo@ph.mufg.jp
                                                 Diana Juguilon              886-7415
BSP Payments and                PHCBPHMDXXX      Bella S. Santos             525-6650
Settlements Office                                                           bsantos@bsp.gov.ph
                                                 Eleanor S. Turaray          302-4184
                                                                             eturaray@bsp.gov.ph
JP Morgan Chase Bank            CHASPHMMXXX      Mamerto R. Natividad        878-1169
                                                                             mert.r.natividad@jpmorgan.com
                                                 Irene L. Garcia             878-1187
                                                                             irene.l.garcia@jpmorgan.com
China Banking Corporation       CHBKPHMMXXX      Fernando S. Santos III      885-5677
                                                                              fssantos@chinabank.ph
                                                 Wilfredo L. Sy              247-5353
                                                                             wlsy@chinabank.ph
                                                 David Andrew P. Valdellon   885-5207
                                                                             dapvaldellon@chinabank.ph
ChinaTrust Phil Commercial      CTCBPHMMXXX      Oliver D. Jimeneo           848-7156
Bank                                                                         oliver.jimeneo@chinatrust.com.ph
Citibank NA Manila Branch       CITIPHMXXXX      Leo G. Montes               894-7150
                                                                             leo.montes@citi.com
                                                 Joanna S. Paraiso           tricie.paraiso@citi.com
CitiBank Treasury Unit          CITIPHMXTSU      Vivien I. Lugo              894-7340
                                                                             vivien.lugo@citi.com
                                                 Gabriel R. Tomas            894-7451
                                                                             gabby.tomas@citi.com



PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
      Name of Bank              SWIFT BIC Code         Contact person                    Tel. No./e-mail address
Deutsche Bank AG               DEUTPHMMXXX       Wilfredo E. Trinidad         894-6845
                                                                              wilfredo.trinidad@db.com
                                                 Christina I. Lara            894-6696
                                                                              christina.lara@db.com
Development Bank of the                          Dionisio Sarmiento, Jr       810-3023; 812-9427
                               DBPHPHMMXXX
Philippines                                                                   djrsarmiento@dbp.ph

East West Banking              EWBCPHMMXXX       Martin B. Ordoñez            830-8992
Corporation                                                                   mbordonez@eastwestbanker.com
Export and Industry Bank       EAIBPHMMXXX       Rodil S. Eslava (Treasury)   878-0417
                                                                              rseslava@exportbank.com.ph
                                                 Marites P. Ong (Trade &      878-0506
                                                 Remittance)                  mpong@exportbank.com.ph
Hong Kong and Shanghai         HSBCPHMMXXX       Glenn S. Moneda              581-7072;581-7073
Bank                                             Jun C. Santos
HSBC Savings Bank              HBPHPHMMXXX       Glenn S. Moneda              581-7072;581-7073
(Philippines) Inc.
ING Bank NV                    INGBPHMMXXX       Efren Reyes, Jr.             479-8777
                                                                              efren.reyes@asia.ing.com
                                                 Benjamin A. Rodriguez        479-8828
                                                                              banjo.rodriguez@asia.ing.com
Mega International             ICBCPHMMXXX       Dorian Wu                    811-5807
Commercial Bank Co. Ltd.                                                      icbcphmm@info.com.ph
Korea Exchange Bank            KOEXPHMMXXX       Emelita S. Alba              848-0101 loc 207 & 208;234;848-0863
                                                                              kebmanila@keb.co.kr
                                                 Olivia Joves                 olivia_joves@keb.co.kr
Land Bank of the Philippines   TLBPPHMMXXX       Merceditas N. Oliva          405-7528
                                                                               moliva@mail.landbank.com
                                                 Fely E. Joves                405-7235
                                                                              fjoves@mail.landbank.com
Maybank Philippines            MBBEPHMMXXX       Esperanza B. Cabreros        523-7777 locs. 123
Incorporated                                                                  ebcabreros@maybank.com.ph
Metropolitan Bank & Trust      MBTCPHMMXXX       Dennis G. Suico              857-5376
Co.                                                                           dennis.suico@metrobank.com.ph
                                                 Eduardo C. Ramirez           898-8940
                                                                              eduardo.ramirez@metrobank.com.ph
                                                 Angel O. Pagaspas            898-3837
                                                                              angel.pagaspas@metrobank.com.ph
Mizuho Corporate Bank          MHCBPHMMXXX       Tetsuharu Ishizuna           860-3500
                                                                              tetsuharu.ishizuna@mizuho-cb.com
Philippine Bank of             CPHIPHMMXXX       Angel M. Corpus              893-1439
Communications                                                                amcorpus@pbcom.com.ph
                                                 Aurora C. Mangerra           893-3364
                                                                              acmangerra@pbcom.com.ph
Philippine National Bank       PNBMPHMMTOD       Teresita S. Cruz             831-3257
                                                                              cruzts@pnb.com.ph
                                                 Josefina T. Fullante         526-3040
                                                                              fullantejt@pnb.com.ph
Philippine Savings Bank        PHSBPMMXXX        Noli S. Gomez                885-8241
                                                                              nsgomez@psbank.com.ph
                                                 Jay S. Velasco               885-8367
                                                                              jsvelaco@psbank.com.ph
Philippine Veterans Bank       PHVBPHMMXXX       Joselito R.G. Nazario        751-8590
                                                                              jgnazario@veteransbank.com.ph
Philtrust Bank                 PHTBPHMMXXX       Antonio H. Ozaeta            524-9061
                                                                              ptc@philtrustbank.com
Rizal Commercial Banking       RCBCPHMMXXX       Teofila D. Garces            894-9036
Corp.                                                                         tdgarces@rcbc.com
                                                 Vivien L. Macasaet           894-9886
                                                                              vilugo@rcbc.com
Security Bank and Trust        SETCPHMMXXX       Belen W. Au                  888-7329
Corp.                                                                         bau@securitybank.com.ph




PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
       Name of Bank              SWIFT BIC Code        Contact person                   Tel. No./e-mail address
Standard Chartered Bank         SCBLPHMMXXX       Seow Pang                    878-2875
                                                                               ng.seow-pang@.standardchartered.com
Union Bank of the Philippines   UBPHPHMMXXX       Mardonio C. Cervantes        638-0323
                                                  Doris Pagsisihan             junc@unionbankph.com
                                                                               drpagsisihan@unionbankph.com

United Coconut Planters         UCPBPHMMXXX       Arnel A. Valles
                                                                               811-9303
Bank
United Overseas Bank            UOVBPHMMXXX       Gerardo Munarriz             6700-8673l; 811-5781
Philippines                                                                    munarriz.gm@uob.com.ph
                                                  David C. E. Goh              6700-8686
NON-SWIFT PARTICIPANTS
Al Amanah Islamic Bank ALAMPHM1XXX                Nurzalyn H. Ladjabassal      816-4260
                                                  (Treasury)                   nhladjabassal@al-amanahbank.com
                                                  Maharlika J. Alonto          816-4259
                                                  (Accounting)                 mjalonto@al-amanahbank.com
Allied Savings Bank             ASTBPHM1XXX       Jaime L. del Bariio, Jr.     812-8352
                                                                               delbarriojrjl@alliedbank.com.ph
Asiatrust Development Bank      ASDVPHM1XXX       Maria Patricia L. Salcedo    924-5685 / 924-5639
                                                  Carolyn R. Corro             mplsalcedo@asiatrustbank.com
                                                                               tpu@asiatrustbank.com
Bank One Savings & Trust        ONSTPHM1XXX       Ma. Cristina L. Garcia       713-6585
Corp.                                                                          bankone_tsy@tri-isys.com
BDO Elite Savings Bank          GEMBPHM1XXX       Arlene Joan T. Agustin       777-8686
(formerly GE Money Bank)                                                       arlene.agustin@ge.com
BPI Direct Savings Bank         BPDIPHM1XXX       Raul D. Dimayuga             845-5304
                                                                               rddimayuga@bpi.com.ph
BPI Family Savings Bank         BPFFPHM1XXX       Lucinda M. Peralta           754-6743
                                                                               lmperalta@bpi.com.ph
BPI Globe BangKO, a             BGTBPHM1XXX       Teresita B. Tan              722-8714
Savings Bank                                                                   JCSY@bpi.com.ph
Centennial Savings Bank Inc.    CNSVPHM1XXX       Soledad I. Guevarra          637-0316
                                                                               guevarrasoledad@yahoo.com
China Bank Savings, Inc         MABCPHM1XXX       Rafael V. Acoba              864-5067 ; 988-5555 loc.8785
(formerly Manilla Banking                                                      rvacoba.cbs@chinabank.ph
Corporation)
Citibank Savings Inc.           CSINPHM1XXX       Belen M. Dulay               423-6641
                                                                               belen.m.dulay@citi.com
                                                  Kristine C. Yujeco           995-9259
                                                                               paw.yujeco@citi.com
City Savings Bank               CTSBPHM1XXX       Linda Flor P. D. Hortezano   (032)412-1747
                                                                               lhortezano@citysavings.com.ph
Citystate Savings Bank Inc.     CTYSPHM1XXX       Edgardo O. Olavario          6374195
                                                                               eoolavario@citystatesavings.com
Equicom Savings Bank            ESBBPHM1XXX       Romali S. Yango              815-1049-53 loc. 127
(formerly Anchor Bank)                            Racquel G. Robillos          yango@equicomsavings.com.ph
                                                                               robillos@equicomsavings.com.ph
First Consolidated Bank Inc.    FIOOPHM1XXX       Sereno S. Sarabia            (038)411-5045
                                                                               rss@greendot.com.ph
GSIS Family Bank                GSISPHM1XXX       Reynan B. Montojo            706-0477
                                                                               rbmontojo@gsisfamilybank.com
Hiyas Banking Corporation       HBTBPHM1XXX       Marilyn R. Cruz              (044) 641-1747
                                                                               hiyasbank@yahoo.com
Isla Bank Inc                   ISTHPHM1XXX       Elsie R. Peñol               840-4014/840-4007
                                                                               erpeñol@islabank.com
LBC Development Bank            LBCDPHM1XXX       Ofelia F. Cuevas             899-7621
                                                                               ofie.cuevas@lbcbank.ph
                                                  Arlan T. Jurado              896-8437
                                                                               arlan.jurado@lbcbank.ph
Luzon Development Bank          LUDVPHM1XXX       Tita O. Isleta               896-2655 / (049)5313700
                                                                               toisleta@luzondevbank.com.ph




PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
      Name of Bank            SWIFT BIC Code        Contact person                 Tel. No./e-mail address
Malayan Bank SMB              MAARPHM1XXX      Ma. Lourdes A. Morales     840-1811
                                                                          treasury@malayanbank.com.ph

Microfinance Maximum          MXTBPHM1XXX      Romeo A. Regalario, Jr.    (043) 287-3480
Savings Bank (Maxbank)
Merchant Savings and LA,      MRCBPHM1XXX      Marilyn F. Suarez          894-9000 loc 1290
Inc.                                                                      mfsuarez@rcbc.com

Optimum Development Bank      OPDBPHM1XXX      Mary Anne B. Antazo        584-1492
                                                                          mbantazo@optimum.com.ph
Philippine Business Bank      PPBUPHM1XXX      Alice P. Rodil             363-3333 loc.2004
                                                                          rodil_ap@pbb.com.ph
Pacific Ace Savings Bank      PATBPHM1XXX      Rosario B. Aotriz
                                                                          rose.aotriz@pacific-ace.com
Philippine Postal SB          PHPSPHM1XXX      Reynaldo C. Eustaquio      527-9570
                                                                          postalbank.treasury@gmail.com
Planters Development Bank     PLDEPHM1XXX      Herman C. Salazar          840-2419
                                                                          hcsalazar@plantersbank.com.ph
                                               Linda C. Yu                884-7600 loc. 5651
Premiere Development Bank     PRDEPHM1XXX      Anna Breva Torres          852-0544
                                                                          abtorres@premierebank.com.ph
Producers Savings Bank        PSTBPHM1XXX      Josefina S. Monegas        Josefina.Monegas@producersbank.com.p
Corp                                                                      h
Queen City Dev Bank           QCDFPHM1XXX      Alicia G. Sangrador        (033)336-8052/53/54/56 loc 119/120
                                                                          (033)336-8055
                                                                          cag@queenbank.com.ph
RCBC Savings Bank Inc.        RCSBPHM1XXX      Jo-Anne C. Chan            894-9000 loc 2347
                                               Ma. Dorothy D. Mendoza     jcchan@rcbcsavings.com
                                               Rosemarie B. Maquiling     ddmendoza@rcbcsavings.com
                                                                          maquiling@rcbcsavings.com
Real Bank Inc                 RLBKPHM1XXX      Raquel T. Cabawatan        920-4526/927-4174
                                                                          rtcabawatan@realbank.com.ph
Robinsons SB Corp             RBNVPHM1XXX      Sylvia M. Herrera          702-9500 loc. 239
                                                                          sylvia.herrera@robinsonsbank.com.ph
Robinsons Bank Corporation    RBSPPHM1XXX      Rita C. Domingo            702-9500 loc. 239
(formerly Royal Bank of                                                   sylvia.herrera@robinsonsbank.com.ph
Scotland
Sterling Bank of Asia, Inc.   SBAIPHM1XXX      Joseph T. Sulit            535-6120
                                                                          jtsulit@sterlingbankasia.com
                                               Desiree Manlapaz-Guerero   535-6129
                                                                          dtmanlapaz@sterlingbankasia.com
Tong Yang Savings Bank Inc. TYBKPHM1XXX        Belen E. Asuncion          845-3837
                                                                          845-3838 loc.303
                                                                          beasuncion@yahoo.com
                                                                          belena@tongyang.com.ph
UCPB Savings Bank             UCSVPHM1XXX      Noel C. Madridejos         811-9086
                                                                          mcmadridejos@ucpb.com
Wealth Development Bank       WDBCPHM1XXX      Mr. Danilo Quinto          (032)415-8261 to 64
World Partners Bank           WRDPPHM1XXX      Roehl O. Dumlao            868-8167
                                                                          rodumlao@worldpartners.com.ph
           RBs
Aliaga Farmers Rural Bank,    AFRBPHM1XXX      Judy L. Badua              (044) 945-0030; 945-0037
Inc.                                                                      farmbank_ho_1995@rbap.org
Balanga Rural Bank, Inc.      BARBPHM1XXX      Rose Ann Villanueva        237-2820; 237-2651
                                                                          rbbalanga@rbap.org
Bangko Kabayan                BKRBPHM1XXX      Cherry Lou F. Bacia        (043)311-1420
                                                                          cherrlou.bacia@bangkokabayan.com.ph
Bangko Mabuhay, Inc.          RTRBPHM1XXX      Edwin S. Fojas             (046) 489-2001 to 04
                                                                          info@bangkomabuhay,com
Bank of Florida, Inc.         BFRBPHM1XXX      Atty. Elisa M. Laqui       (045) 963-5288 to 90
                                                                          bankofflorida@rbap.org




PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
       Name of Bank              SWIFT BIC Code         Contact person                  Tel. No./e-mail address
Bank of Makati                  BMRBPHM1XXX       Shirley O. Tan              843-2060
                                                                              shirlvic_tan@yahoo.com
BHF Rural Bank                  BHRBPHM1XXX       Reynaldo B. Bonifacio       (072) 242-0495; 242-0496
                                                                              boss@bhf.com.ph
Cebuana Lhuillier RB, Inc.      CLRBPHM1XXX       Rosalinda O. Matias         rmatias@pjlhuillier.com
Cooperative Rural Bank of       CBRBPHM1XXX       Emilie P. Dancel            (044) 670-0858; 795-1544
Bulacan                                                                       epdancel@crbbulacan.com.ph
                                                                              738-7759
Country RB of Taguig            TARBPHM1XXX       Raul T. Guerrero
                                                                              Raulguerrero45@gmail.com
First Isabela Cooperative       FIRBPHM1XXX       Emilio U. Rico              (078) 307-0998; (078)307-0940
Bank, Inc.                                                                    emil@yahoo.com
                                                  Atty. Hubert E. Molina      hubertemolina@yahoo.com
Gateway Rural Bank, Inc.        GWRBPHM1XXX       Jeditte Margaret Coloma     (044) 693-3451
GM Bank                         GMRBPHM1XXX       Tomas S. Gomez IV           (044) 940-6000
                                                                              tg4@gmbank.com.ph
Guagua Rural Bank, Inc.         GGRBPHM1XXX       Iluminda M. Dizon           (045) -901-0234
                                                                              idizon@yahoo.com
Katipunan Bank (ZN), Inc.       KTRBPHM1XXX       Leticia G. Loquinario       (065) 212-9807
                                                                              ebh.esparaguera@katipunanbank.com
One Network Bank                NWRBPHM1XXX       Alex V. Buenaventura        (082)234-3631
                                                                              onrbi@onenetworkbank.com.ph
Quezon Capital RB, Inc.         QCRBPHM1XXX       Evelyn B. Saculles          ebsaculles@qcrblive.com
Rang-ay Rural Bank, Inc.        RARBPHM1XXX       Ives Q. Nisce               (72) 242-5661 to 63
                                                                              headoffice@rangaybank.com
RB of Abucay                    ABRBPHM1XXX       Romeo T. Tumalad            (047) 244-4145
                                                                              bancoabucay@yahoo.com
RB of Jaen, Inc.                JNRBPHM1XXX       Joel Dasig Binuya           (044) 486-5572;486-2702
                                                                              rbjaen@rbap.org
Rural Bank of Jose              JPRBPHM1XXX       Roberto V. Torres           (054) 731-1046; 731-1138
Panganiban                                                                    Rbjpinc-jpcnorte@yahoo.com
RB of Liloy, Inc.               LLRBPHM1XXX       Myrienn L. Sisor            (065) 311-1022
                                                                              rbliloy@rbap.org
RB of Limay, Inc.               LMRBPHM1XXX       Nory F. de la Cruz          (047) 244-4501; 243-8462
                                                                              rblimay@rbap.org
RB of Pagbilao, Inc.            RPRBPHM1XXX       Don Martin Glorioso         (042) 731-1380
                                                                              rbpagbilao@yahoo,com
Rural Bank of Pilar (Bataan),   PIRBPHM1XXX       Rodolfo D. Pizarro          237-2560; 791-5398
Inc.                                                                          rbpilar@rbap.org
Rural Bank of San Vicente       SVRBPHM1XXX       Catherine D. Torres         (054) 447-3020: 440-1432
                                                                              rbsanvicente@rbap.org
RB of Sasmuan, Inc.             SMRBPHM1XXX       Geraldine S. Limpin         (045) 900-2507; 434-0636
                                                                              sasbanksasmuan@yahoo.com
San Fernando Rural Bank         SFRBPHM1XXX
SIGNA BANK (Rural Bank of       SIRBPHM1XXX       Arlene P. Mislang           (045) 982-3506; 982-9850
Sta. Ignacia, Inc.)                                                           signabank@rbap.org
Zambales Rural Bank             ZMRBPHM1XXX       Maria Leonora C. Faustino   (047) 223-4964; 222-2678
                                                                              zbolo@info,com.ph
           NBQBs
AB Capital and Inv. Corp.       CAVPPHM1XXX       Ricardo E. Enriquez
                                                                              898-7559
                                                                              reenriquez@abcapital.com.ph
BPI Capital Corp                BPAPPHM1XXX       Teodoro K. Limcaoco         816-9612
                                                                              tklimcaoco@bpi.com.ph
BPI Card Finance Corp.          BPCNPHM1XXX

BPI Leasing Corp                BPLIPHM1XXX       Samuel C. Tang              816-9758
                                                                              sctang@bpi.com.ph
First Malayan Leasing & Fin.    FMLFPHM1XXX       Lovella A. Barcenas         8109660 loc. 131
                                                                              labarcenas@malayanleasing.com
                                                  Irma E. Japson              810-9668 loc 121




PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012
                                                                          ejapson@malayanleasing.com
First Metro Investment Corp.    FMICPHM1XXX    Danilo G. Olondriz         243-3058
                                                                          danny.olondriz@firstmetro.com.ph
Metrobank Card Corporation      MCNBPHM1XXX                               898-7082
                                               Annalyn T. Famy
                                                                          afamy@metrobankcard.com
                                                                          898-7392
                                               Maribeth Rosales
                                                                          mrosales@metrobankcard.com
Multinational Investment        MUIAPHM1XXX    Evelyn D. Katigbak         811-0095
Bancorporation                                                            817-1511 loc.214
                                                                          operations@mib.com.ph
Orix Metro Leasing and          OXNBPHM1XXX    Edna L. Layosa             858-8835
Finance Corporation                                                       ellayosa@orix.com.ph
                                PDTCPHM1XXX    Teresa N. Napilay
Philippine Depository & Trust                                             884-5034
Corp.                                                                     tere_napilay@pds.com.ph

Philippine Commercial           PCCIPHM1XXX    Willie G. Mondia           813-3423 / 815-0628 loc. 140
Capital Inc.                                                              willie.mondia@pccigroup.com.ph
RCBC Capital Corp.              RCCOPHM1XXX    Ruth B. Gutierrez          845-3406
                                                                          rbgutierrez@rcbc.com
                                               Jaywin R. Mina             894000 loc 2218
                                                                          jrmina@rcbc.com
State Investment Trust Inc.     STIVPHM1XXX    Ma. Luisa O. Bongat        242-6888 / 242-1140
                                               Judith B. Enriquez         stateinc@info.com.ph
                                                                          stategroup_cashdepartment@yahoo.com
Toyota Financial Services       TYNBKPHM1XXX   Rosalie R. Palatino        756-7423
Phils. Corp.                                                              sally.p@toyotafinancial.ph
                                               Carissa Panlaque           756-7431
                                                                          carissa.panlaque@toyotafinancial.ph
   OTHER BSP OFFICES

CB Housing Fund                 CBPHPHM1XXX    Victor G. Garlitos         525-0765
                                                                          vgarlitos@bsp.gov.ph
CB Provident Fund               CBPFPHM1XXX                -do-                             -do-
CB Car Plan Fund                CBCPPHMIXXX                -do-                             -do-
CB Housing Fund III             CBHTPHM1XXX                -do-                             -do-
CB Longevity Trust Fund         CBLTPHM1XXX                -do-                             -do-

  THIRD PARTY SYSTEM
       PROVIDERS
Bureau of the Treasury                         Eduardo S. Mendiola        527-3183; 522-8122 loc 204
                                                                          esmendiola@treasury.gov.ph
Philippine Clearing House                      Eduardo J. Katigbak, Jr.   886-1348
Corporation                                                               ed.katigbak@pchc.com.ph
Philippine Dealing System                                                 884-5060
(PDS)                                                                     nellie_dagdag@pds.com.ph
Megalink                                       Jennifer M. Tantan         892-1046
                                                                          jmt@megalink.ph
BancNet                                        Elmarie Reyes              856-8190
                                                                          emmie.reyes@bancnetonline.com




PSO-Ref –03-02-000 “ Version2” Updated 20 January 2012

				
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