The Philippines’ central bank calls for a 24/7 payment system

A round-the-clock operation will enable real-time payment settlement and further economic activities.

The Bangko Sentral ng Pilipinas (BSP) is urging payment system stakeholders to help build a 24/7 payment system.

The call to action was raised during the 2025 Peso Real-Time Gross Settlement (RTGS) Forum held at its Head Office in Manila on 18 to 19 September 2025 and North Luzon Regional Office on 2 October 2025.

“[Are we ready for a 24/7 RTGS?] I encourage us to design that future together,” BSP Senior Assistant Governor Edna C. Villa told the forum’s 350 attendees, who represented banks, quasi-banks, nonbank e-money issuers, financial market infrastructures, and clearing switch operators that participate in the Peso RTGS.

The country’s RTGS system, owned and operated by BSP, called PhilPaSSplus, currently operates from 9 AM to 5:45 PM, Mondays through Fridays.

According to the BSP, a round-the-clock operation will enable the payment system to settle more transactions in real-time, interlink with foreign payment systems, and support further economic activities. These may include 24/7 remittances, cross-border e-commerce flows, and bond trading.

BSP officials and industry leaders, including BancNet, SWIFT, and the Philippine Clearing House Corporation, shared insights on enhancing the country’s payment ecosystem.