September 5, 2025 | 12:00am
To strengthen fee programs
MANILA, Philippines — The Bankers Affiliation of the Philippines (BAP) has renewed its partnership with Citi Philippines and the Philippine Clearing Home Corp. (PCHC) to make sure the continued operation and enhancement of the nation’s home greenback and cross-currency settlement programs.
The settlement, signed on Aug. 28, extends the collaboration till Aug. 17, 2030 and covers the Philippine Home Greenback Switch System (PDDTS) and the Fee-versus-Fee (PvP) facility.
As system proprietor, the BAP oversees the amenities, with Citi Philippines serving as settlement financial institution and PCHC appearing as clearing operator and operator of a delegated fee system (ODPS).
“These programs have at all times been a narrative of collaboration – amongst our committees, our companions and the broader monetary neighborhood. Collectively, we’ll proceed to strengthen our programs, adapt to vary, and serve the wants of our economic system,” BAP president Jose Teodoro Limcaoco mentioned through the signing.
The PDDTS, launched in 1995, permits real-time greenback transfers amongst banks within the Philippines, whereas the PvP system, launched in 2003, reduces settlement threat in cross-currency transactions. Each have been acknowledged by the Bangko Sentral ng Pilipinas (BSP) in 2022 as systematically necessary fee programs.
Below the renewed settlement, the three establishments dedicated to improve data expertise infrastructure and improve system resilience. Targets embody 99.5 % uptime, sooner incident response, proactive upkeep notifications and improved catastrophe restoration protocols.
The PDDTS will even shift its account curiosity calculation from the London Interbank Provided Fee to the Efficient Federal Funds Fee.
“Citi Philippines is grateful for the chance to proceed being the nation’s sole settlement financial institution for PDDTS and to proceed working with the PCHC, BAP and the BSP in making a mark – not simply on our trade, however within the lives of our shoppers and the Filipino individuals,” mentioned Citi Philippines CEO and banking head Paul Favila.
PCHC president and CEO Emmanuel Barcena likewise careworn their function in strengthening the system. “We ship seamless, environment friendly and resilient operations that safeguard and energy our monetary system,” he mentioned.
Business gamers anticipate the enhancements to carry the nation’s fee infrastructure nearer to world requirements, whereas making certain larger stability, effectivity in home greenback settlements, and regulatory compliance beneath BSP oversight.
