Bangko Sentral ng Pilipinas pushes key BancNet role in national payment system

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) wants BancNet to play a key role in the formation of the National Retail Payment System (NRPS).

The BSP-led system will create an environment that allows easy access to financial services, make payments and receive or transfer funds to other accounts anytime, anywhere, at a reasonable price from any digital device.

“Our eyes are now set on creating a National Retail Payment System or NRPS and BancNet should be part of this grand journey,” BSP Governor Amando Tetangco Jr. said at the 25th anniversary of BancNet recently.

BancNet’s members include 128 financial institutions, affiliate switch and ATM networks, representing about 78 million ATM cardholders across the country.

The BSP governor called on the BancNet community to fully support the establishment of a safe, efficient and reliable NRPS.

“Digitization of payments can promote greater financial inclusion. The NRPS initiative is a rare opportunity for all of us to work together to do something that can be a real positive game changer for the economy and for our people,” he said. 

Tetangco insisted that digitization of payments can promote greater financial inclusion.

“Our national baseline survey in financial inclusion showed that only four out of 10 Filipino adults currently have savings, of whom only 32.7 percent put their money in banks. The survey also indicated that 47 percent of Filipinos have debts but banks contribute only 4.4 percent of their borrowings; the rest are from family, relatives, friends and informal lenders,” he lamented.

He added that NRPS initiative is a rare opportunity for all of us to work together to do something that can be a real positive game changer for the economy and for our people.

“Indeed, while implementing the NRPS is most challenging, it also represents vast opportunities from the business point of view,” Tetangco said.

Meanwhile, BancNet recognized its founders, top-performing member banks and electronic payment partners, and loyal employees who have rendered 10, 15, and 25 years of service to the company.

The member bank awardees were: BPI Globe BanKo, top outsourcing bank; Security Bank, top interbank fund transfer (IBFT) issuer; PNB, top IBFT transferee; Citibank, top bank in system uptime; China Bank, top TM acquirer of international cards; and Metrobank, top issuer of local cards and top acquirer of local cards.

The electronic payment-partner awardees were: Social Security System (SSS), top government e-Payment partner; Cebu Pacific, top e-Payment partner; Citibank, top in bills payment; and SM Retail, top point-of-sale (POS) merchant.

BancNet president Ricardo R. Chua was top loyalty awardee, for helping to form the consortium and organize the company way back in 1987 and was one of its eight founding directors.

Chua was also recognized for his valuable contributions to BancNet ‘s growth in various capacities over the past 25 years.

Another 25-year service awardee is pioneer employee and now vice president for operations Rene S. Natividad. The lone 15-year service awardee was Joenel Madrid, while Arnold Enolva, Ma. Luisa Lapitan, Joseph Anthony Monasterial, and Myra Privado were recognized for 10 years of service.