Notification to Public of the Designation of the Philippine Domestic Dollar Transfer System (PDDTS) and the PhP-USD Payment vs. Payment System (PVP) as Systemically Important Payment Systems (SIPS)

BANGKO SENTRAL NG PILIPINAS CIRCULAR LETrER No. CL-2022-^I^.. To , . All Participants' of Payments Systems in the Philippines Subject: Notification to Public of the Designation of the Philippine Domestic Dollar Transfer System FDDTS) and the PhP-UsD Payment vs. Payment System IPI, Pi as Systemically Important Payment Systems ISPS) The Monetary Board, in its Resolution No. 243 dated 17 February 2022, approved the designation of the Philippine Domestic Dollar Transfer System (PDDTS) and the PhP-UsD Payment vs. Payment System (PVP) as Systemically Important Payment Systems' (SIPS) in accordance with Republic Act No. 11/27 or the National Payment Systems Act (NPSA) and Bangko Sentral rig Pilipinas (BSP) Circular No. 1089 or the Payment System Oversight Framework (PSOF), The PDDTS and P\IP have been established by the Bankers Association of the Philippines (BAP) and are currently operated by the Philippine Clearing House Corporation (PCHC). Pertinent to said payment systems, the PCHC is granted by the BSP authority as operator of designated payment systems (ODPS) pursuant to Section 6 of the NPSA. As an ODPS. PCHC shall ensure (a) safe, efficient. and reliable operations of the PDDTS and PVP; (b) observance of the applicable Principles for Financial Market Infrastructures' (PFMl) for SIPS pursuant to the BSP regulations on the adoption of the PFMl; and (c) compliance with the applicable requirements for an ODPS under the NPSA, PSOF and subsequent regulatory issuances. Participants of the PDDTS and P\/P. including critical service providers' of the aforementioned systems, shall ad here to the rules, standards and requirements promulgated by the BSP, including the BSP Guidelines set forth for the participants of PDDTS and P\/P, and fulfill their respective roles to ensure safety, efficiency. and reliability of the PDDTS and PVP. For information and guidance. C, I: <.. BENJAM, N E. D, OKNO Governor c^,. March 2022 As defined under the National Payments Systems Act, a 'participant' Is the operator, issuer. sentce provider. or any person Involved In the payment system other than the end-user. 2 A payment system which poses or has the potential to pose systemlc rlsk that could threaten the stabillty of the natlonal payment system; As defined In BSP Clrcular, 089 series of 2020. or the PSOF. 3 BSP Clrcular No. 1126 serles of 2021. ' As defined under the PSOF