No PhilPaSS fees until May 29

The Bangko Sentral ng Pilipinas (BSP) is extending the suspension of its Philippine Payment and Settlement System (PhilPaSS) fees until May 29 in the National Capital Region during the modified enhanced community quarantine (ECQ). “In view of the modified ECQ in the NCR, the arrangements of the PhilPaSS under (existing) guidelines are hereby extended,” said BSP Deputy Governor Ma. Almasara Cy Tuano-Amador. The BSP suspended PhilPaSS fees on six types of transactions such as interbank, the peso-leg of US dollar trades and government securities trades, Philippine Clearing House Corp. (PCHC) transactions, automated tellering machines or ATM transactions and the manual processing of interbank transactions. Pre-ECQ PhilPaSS fees for interbank transactions are already free for transaction of ₱100 or less. For the peso-leg of US trades a ₱5 fee is charged up to ₱500,000 transaction value and ₱10 from ₱500,001 to ₱1 million. (Lee C. Chipongian)