Close this search box.

We are creating some awesome events for you. Kindly bear with us.

BSP releases draft of National Payment Systems Act IRR

A draft Circular has been released by the Bangko Sentral ng Pilipinas (BSP) that provides for the implementing rules and regulations (IRR) of Republic Act (RA) No. 11127 or the National Payment Systems Act, according to a recent report.

This is the landmark legislation that supports the performance of the central bank in its mandate relating to the third pillar of central banking, which is the maintenance of a safe, efficient, and reliable payments system.

What is the Act?

RA No. 11127 is the first comprehensive legal and regulatory framework governing the payment systems in the Philippines.

It can support the twin objectives of one, maintaining a payment system that is necessary to control systemic risk and two, providing an environment conducive to the sustainable growth of the economy.

It creates a safe, efficient and reliable payment system through which funds are transferred among banks and other institutions in order to discharge payment obligations that arise from economic and financial transactions across the entire economy.

It thereby reduces the cost of exchanging goods and services.

Moreover, it serves as an essential tool for the effective implementation of monetary policy and the smooth functioning of money and capital markets.

What does the Act entail?

The scope of the regulatory powers of the central bank is expanded under the Act in order to cover the non-financial institutions such as operators and their service providers, to name a few.

This is being done since the usage of payment systems is not necessarily limited to banks and non-bank financial institutions.

The first phase of the phased in implementation of the Law prioritises the creation of a baseline inventory of all operators of payment systems (OPS). The draft Circular falls under this phase.

First Phase

A baseline inventory is required under Section 10, which provides that all OPS shall register with the central bank.

This inventory will also be used as inputs to the specific criteria for designating payment systems. Plus, it will be used as inputs to the oversight rules that will be applied to such systems and the participants.

Furthermore, the draft provides examples, though not exhaustive, of activities that will sufficiently guide the stakeholders on which persons are required to register with the central bank as OPS.

The draft contains a simplified registration process and streamlined documentary requirements.

For those institutions that are already registered and licensed by the central bank, they only need to submit a duly accomplished application for registration.

To ensure the smooth transition of the OPS that exists at the time of the law’s effectivity, the draft provides a transitory provision that allows said OPS to register within a reasonable period.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit