MANILA, Philippines — Digital commerce in the Philippines is expected to receive a major boost after the central bank released the first set of rules that make it easier for banks and other parties to register as electronic payment operators.
At the same time, the Bangko Sentral ng Pilipinas (BSP) said Wednesday that firms covered by the new National Payment System Act (NPSA) — whether financial institutions or non-bank entities, like merchants — will have “streamlined” documentary requirements to “to promote efficiency and ease of doing business”.
The new rules were contained in a draft circular providing for the implementing rules and regulations of the NPSA which aims to promote the maintenance of a safe, efficient, and reliable payment system.
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“As the first comprehensive legal and regulatory framework governing the payment systems in the Philippines, the NPSA can well support the twin objectives of maintaining a payment system that is necessary to control systemic risk and providing an environment conducive to the sustainable growth of the economy,” BSP said in a statement.
