Amendments to the Manual of Regulations for Payment Systems (MORPS) to Incorporate the National Retail Payment System (NRPS) Framework

iry rANSl{il XX\J;XAL Xfi PII IPiTAS OFFICE OF THE GOVERNOR CIRCULARNO.II6I Series of 2Q22 Subject: Amendments to the Manual of Regulations for Payment Systems (MORPS) to Incorporate the National Retail Payment System (NRPS) Framework The Monetary Board, in its Resolution No. 197 dated lO February 2OZZ, approved the incorporation of the National Retail Payment System (NRPS) Framework to the Manual of Flegulations for Payment Systems (MORPS) pursuant to the authority granted to the Bangko Sentral under Republic Act (R.A.) No. lll27 or the National Payment Systems Act (NPSA). Section I. Section 8O3 of the Manual of Regulations for Banks (MORB) on the National Retail Payment System (NRPS), including its appendices, are incorporated to Section 3Ol of the MORPS, which shall apply to retail payment systems and their participantst, subject to the amendments on Sanctions provisions as follows: Enforcement Actions. The Bangko Sentral may deploy enforcement actions to ensure compliance with the provisions of Section 3Ol of the MORPS and bring about timely corrective actions. Any violation of this Section shall subject the participants of a payment system and/or their directors, officers, and/or employees to the sanctions set forth in Sections 36 and 37 of R.A. No. 7653, as amendedz, and Sections 19 and 20 of R.A. No. 1I127, as appropriate. Section 2. This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation. FOR THE MONETARY BOARD: fr r- At la7,- FELIPE M. MEDALLA Governor 2n November 2C.22 t As defined under Section 4 ofthe NPSA. 2 Sections 18 and 19 of R.A. No. ll2ll, An Act Amending the New Central Bank Act.