Principles for Financial Market Infrastructures on the Philippine Payments and Settlements System PhilPaSS Ms Eleanor S Turaray Acting Director Payments and Settlements Office Bangko Sentral ng Pilipinas ID: 1029305
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1. Implementation of the CPMI – IOSCO’sPrinciples for Financial Market Infrastructures on the Philippine Payments and Settlements System (PhilPaSS)Ms. Eleanor S. TurarayActing DirectorPayments and Settlements OfficeBangko Sentral ng Pilipinas3 December 2018Global Payments Week, Kuala Lumpur, Malaysia
2. PhilPaSS The modern real-time gross settlement system of the Philippines installed in year 2002 that handles the settlement of time-critical & large-value financial transactions through the deposit reserves maintained by participating institutions in the BSP.PhilPaSS - SIPS
3. PhilPaSS - SIPS
4. Participants in PhilPaSSFinancial InstitutionsBSP Departments3rd Party Payment System Providers
5. The BSP Payments and Settlements OfficeMissionThe PSO is committed to provide & maintain a robust payment system that will ensure the mitigation of payments-related risks capable of triggering systemic impact on financial systems, institutions & individuals. We resolve to: Ensure strict compliance with rules & regulations covering the operations of PhilPaSS;Implement adequate & effective PhilPaSS business continuity management measures;Observance of international standards on payments & settlements; Continuous advancement of payments processes & procedures to benefit our stakeholders & the economy as a whole.
6. 3rd party assessments; andCompliance to International StandardsRegular self-assessments
7. Compliance to International Standards2005 IMF Assessment2007 Self-assessment on the 10 Core Principles for SIPS2014 3rd party assessment on the PFMI2018 Self-assessment on the PFMI
8. Results of the 3rd Party AssessmentRatingGravity & Urgency of the Need to Address ConcernsAssessmentNo. of PrinciplesActions TakenOBSERVEDGaps are minor and may be addressed in the normal course of business7 out of 18 principles applicable to PSSBROADLY OBSERVEDGaps should be addressed in a defined timeline8 out of 18 principles applicable to PSSGaps addressed as of date except for the gap cited on operational risk (Principle 17)PARTIALLY OBSERVEDGaps may become serious if not addressed promptly & should be addressed with high priority2 out of 18 principles applicable to PSSPartially addressed (legislation is already being sought)NOT OBSERVEDSerious gaps warrant immediate action & should be accorded highest priorityNoneNOT APPLICABLE6 out of the 24 principles
9. Participants in PhilPaSSFinancial InstitutionsBSP Departments3rd Party Payment System Providers
10. No.PrincipleRatingActions MadeGENERAL ORGANIZATION1LEGAL BASISPARTIALLY OBSERVEDLegislation is already being sought2GOVERNANCEPARTIALLY OBSERVEDLegislation is already being sought3FRAMEWORK FOR THE COMPREHENSIVE MANAGEMENT OF RISKSOBSERVEDCREDIT & LIQUIDITY RISK MANAGEMENT4CREDIT RISKOBSERVED5COLLATERALOBSERVED6MARGINNot Applicable7LIQUIDITY RISKBROADLY OBSERVEDRecommendations already addressedSETTLEMENT8SETTLEMENT FINALITYBROADLY OBSERVEDRecommendations already addressed9MONEY SETTLEMENTSBROADLY OBSERVEDRecommendations already addressed10PHYSICAL DELIVERIESNot ApplicableCENTRAL SECURITIES DEPOSITORIES & EXCHANGE-OF-VALUE SETTLEMENT SYSTEMS11CENTRAL SECURITIES DEPOSITORIESNot Applicable12EXCHANGE-OF-VALUE SETTLEMENT SYSTEMSBROADLY OBSERVEDRecommendations already addressedDEFAULT MANAGEMENT13PARTICIPANT-DEFAULT RULES & PROCEDURESOBSERVED14SEGREGATION & PORTABILITYNot ApplicableGENERAL BUSINESS & OPERATIONAL RISK MANAGEMENT15GENERAL BUSINESS RISKOBSERVED16CUSTODY & INVESTMENT RISKSOBSERVED17OPERATIONAL RISKBROADLY OBSERVEDLegislation is already being sought18ACCESS & PARTICIPATION REQUIREMENTSBROADLY OBSERVEDRecommendations already addressed19TIERED PARTICIPATION ARRANGEMENTSOBSERVED20FMI LINKSNot ApplicableEFFICIENCY21EFFICIENCY & EFFECTIVENESSBROADLY OBSERVEDRecommendations already addressed22COMMUNICATION PROCEDURES & STANDARDSNot covered by the assessmentTRANSPARENCY 23DISCLOSURE OF RULES, KEY PROCEDURES & MARKET DATABROADLY OBSERVEDRecommendations already addressed24 DISCLOSURE OF MARKET DATA BY TRADE REPOSITORIES Not Applicable
11. Legal Basis & Governance Principles
12. Policy-Making Body BSP DIGITAL PAYMENTS TRANSFORMATION STEERING COMMITTEEChairpersonDeputy Governor, CSSVice-ChairpersonDeputy Governor, FSSMembers/ TWGHRITFinancial Supervision & Consumer ProtectionMonetary PolicyPSOPSODCore IT Specialist GroupEconomic ResearchAccounting
13. Implementation of the CPMI – IOSCO’sPrinciples for Financial Market Infrastructures on the Philippine Payments and Settlements System (PhilPaSS)Ms. Eleanor S. TurarayActing DirectorPayments and Settlements OfficeBangko Sentral ng Pilipinas3 December 2018Global Payments Week, Kuala Lumpur, Malaysia