On Dec. 27, 2024, PHI CB extended the transitory period for compliance with cir 1195.
The transitory period regarding the approved consumer redress mechanism standards for account-to-account EFT under NPS framework is extended to Mar. 31, 2025.
On Mar. 14, PHI CB approved creation of manual of regulations.
PHI CB approved the creation of Manual of regulations for payment systems (MORPS).
Document dated Mar. 14, 2024, received from PHI CB Mar. 20, summarized Mar. 22.
Amendments
Existing circulars and memoranda related to payment systems have been renumbered and incorporated into the MORPS, dated between Sep. 2019 and Nov. 2022.
National Payment System (NPS) related issuances from the Manual of regulations for banks and the Manual of regulations for non-bank financial institutions were included.
New parts were created within the MORPS, including on regulatory framework, retail payment system (RPS), governance and oversight, licensing and registration, settlement, efficiency and effectiveness, and sanctions and enforcement framework.
Part 15 on sanctions and enforcement framework consolidates enforcement actions, specified sanctions; PHI CB issuances' renumbering/deletion summarized in appendix.
Effectiveness
The circular will be effective 15 days after publication in Official Gazette or newspaper.
Mar. 22, 2024 Manual Released
On Mar. 22, 2024, PHI CB said it has released its first MORPS, a reference for NPS participants and the public on rules and regulations governing the operations of NPS.
Including the services, processes, procedures, and responsibilities of the participants.
Non-compliant members will be subject to PHI CB's supervisory, enforcement actions.
Jun. 2024 Manual Updated
On Jun. 1, 2024, PHI CB revised MORPS re the approved consumer redress mechanism standards for account-to-account electronic fund transfers (EFT) under NPS framework.
Added definitions under glossary of terms, such as automated clearing house (ACH).
Added consumer redress mechanism standards for account-to-account electronic fund transfers under national retail payment system framework, under part 11 of MORPS.
Specified the policy statement, scope, minimum requirements such as notification of EFTs, return of funds, collection and return of EFT fees and consumer protection.
Participants and CSOs shall ensure compliance with this circular by Dec. 31, 2024.
The circular is effective immediately from Jun. 1, 2024.
Document dated Jun. 1, 2024, received from PHI CB Jun. 3, summarized on Jun. 5.
In Jun. 2024, PHI CB provided further details on the standards re EFTs, see #215424.
In Dec. 2024, PHI CB revised Peso RTGS rules in relation to penalties, see #237015.
Dec. 16, 2024 Update Manual
On Dec. 16, 2024, PHI CB updated MORPS as of Sep. 2024, changes not indicated.
Dec. 27, 2024 Transitory Period Extended
On Dec. 27, 2024, PHI CB extended the transitory period for compliance with cir 1195.
The transitory period regarding the approved consumer redress mechanism standards for account-to-account EFT under NPS framework is extended to Mar. 31, 2025.
