PhilPaSS income down in Q3

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Revenues derived by the Bangko Sentral ng Pilipinas (BSP) from its payments and settlements system eased in the third quarter from a year earlier on lower transaction values.

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The central bank, in its Report on Economic and Financial Developments for the period, said transaction fees from the Philippine Payments and Settlements System (PhilPaSS) went down by 10.2 percent to P34 million from P37.8 million last year.

The latest figure, however, is still a 4.5 percent improvement from the P32.5 million recorded in the second quarter of 2015.

The drop in PhilPaSS income was traced to lower transaction values during the period, which at P75.7 trillion was 7.9 percent lower than the P82.2 trillion recorded a year earlier.
This was, however, 12.2 percent higher than the P67.5 trillion seen in the second quarter of the year.

The central bank said the quarter-on-quarter increase in value was mostly due to an uptick in US dollar trades, reverse repurchase/repurchase/special deposit account maturities and interbank transactions accounts.

In terms of volume, total PhilPaSS transactions rose by 3.3 percent to 361,337 in the third quarter from 349,670 a year earlier. It was also 3.9 percent higher than the 347.909 recorded in the second quarter of 2015.

The quarter-on-quarter rise was due to an increase in tertiary transactions in government securities, interbank transactions and US dollar trades, the central bank said.

PhilPaSS is a gross settlement system that processes and transfer funds in real time. The system takes care of high-value payments between banks through their accounts with the BSP.
Uses of the system include the settlement of overseas Filipinos’ remittances, fund transfers and loan transaction between banks, the sale and purchase of government securities, and also foreign exchange-denominated transactions.

“The BSP will remains proactive in ensuring the credibility of the payments and settlements system with the continued enhancement of its process and the development of the necessary infrastructure through the operation of the Philippines’ real time gross settlement system or the PhilPaSS,” the central bank said.

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