The Bangko Sentral ng Pilipinas issued amended incident management rules for the Peso Real-Time Gross Settlement system, effective April 1, 2026. Participants in PhilPaSS must coordinate with the BSP immediately upon detecting connectivity or system availability issues affecting transaction monitoring, report generation, or settlement notifications. When the issue originates from a participant's own systems, the institution must submit an incident notification report within one hour of discovery.
If disruptions remain unresolved after two hours, participants may adopt alternative settlement mechanisms. Banks can arrange bilateral netting with counterparties, designate a paying agent to process transactions, or invoke established business continuity procedures. Financial Market Infrastructures and clearing switch operators may use multilateral netting arrangements or joint continuity procedures with the BSP.
The amended rules apply to all PhilPaSS participants including banks, nonbank financial institutions, electronic money issuers, and government agencies.