QUEZON CITY, July 2 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) Monetary Board has approved the Payment System Oversight Framework (PSOF), which streamlines BSP's regulatory oversight in payment system of the country.
The PSOF is in line with the provisions of Republic Act 11127 known as the National Payment Systems Act (NPSA).
It aims to promote a safe, secured, efficient and reliable operation of payment systems in order to control risk and provide an environment conducive to the sustainable growth of the economy.
According to BSP, the framework shall pursue a cooperative oversight with other concerned regulators for activities and interlinkages between payment systems and other financial market infrastructure and shall also designate payment systems which are systematically and prominently important.
Systematically important are considered payment systems which pose or have the potential to pose systematic risk that could threaten stability of the national payment system (NPS) while prominently important are those which pose no systematic implication but may have major economic impact or could undermine the confidence of the public in the NPS or in the circulation of monetary in general.
Under the newly approved policy, BSP is authorized to accredit or revoke the accreditation of a Payment System Management Body (PSMB) which the Monetary Board also approves and accredits the Philippine Payment Management, Inc. (PPMI) as a PSMB.
"With adoption of PSOF, BSP continuous to promote safe and efficient national payment system which is crucial to the smooth functioning of financial markets and the stability of monetary and financial system," BSP assures. (MBP/PIA-IDPD/BSP).