PhilPass transactions increase in 2012

MANILA, Philippines - The number of transactions processed and settled at the payments and settlements system of the Bangko Sentral ng Pilipinas (BSP) increased last year, official data showed.

A total of 1.332 million transactions were channeled through the BSP’s Philippine Payments and Settlements System (PhilPaSS) in 2012, up 9.63 percent from previous year’s 1.215 million.

In terms of value, these transactions had an aggregate amount of P349.64 trillion, an 11.85-percent improvement from P312.606 trillion recorded in 2011.

PhilPaSS is an online and real-time gross settlement payment system administered by the central bank to facilitate payment transactions among banks. The large value handled by the system represents money in circulation that is being repeatedly processed by banks.

Bella Santos, officer-in-charge of the BSP’s information technology sub-sector, attributed the increase to more third-party service providers that contributed to the rise in transactions.

“The increase was brought about mainly by the entry of Bancnet as a third party system provider,” she said in a text message.

In September 2011, PhilPaSS accredited Bancnet as third party system provider that allowed the processing of debit and remit claims of cardholders. BancNet is considered to operate the country’s largest automated teller machine (ATMs) network with over 5,200 ATMs.

Providing a safe and efficient payments and settlements system is one of the core pillars of the BSP. The central bank believes that through PhilPaSS it is able to ensure availability of credit among the population.

“We may expect an increase this year depending on the behavior of interbank transactions transmitted by banks to PhilPaSS for settlement,” Santos said.