The Bangko Sentral ng Pilipinas (BSP has released its first Manual of Regulations for Payment Systems (MORPS).
The MORPS serves as a readily available reference for National Payment System (NPS) participants and the public on the rules and regulations governing the operations of the NPS, including the services, processes, procedures, and responsibilities of the participants.
Among others, the MORPS summarizes the various payments-related policy and regulatory issuances by the BSP that implement the broader provisions of Republic Act No. (RA) 7653 or The New Central Bank Act, as amended by RA 11211; RA 11127 or the National Payment Systems Act (NPSA); and other pertinent laws governing payment systems.
The MORPS will be updated annually to ensure that all payments-related policy issuances of the BSP are appropriately codified.
The compliance of payment system participants with the regulations outlined in the MORPS is crucial for the stability and integrity of the payment systems.
Non-compliant members will be subject to the BSP’s supervisory and enforcement actions, as stipulated under the New Central Bank Act, as amended, and the NPSA.
As the financial landscape continues to evolve, the BSP remains steadfast in its commitment to provide a regulatory framework that supports the growth of digital payments.
The MORPS is a cornerstone of the BSP’s commitment to build a robust and inclusive financial ecosystem for the benefit of all Filipinos.
