PH electronic fund transfers benefit from PESONet

Manila -- The volume of electronic fund transfers in the Philippines has risen by 27 percent year-on-year as of end-July 2018 with the help PESONet.

PESONet is the first automated clearing house (ACH) under the Bangko Sentral ng Pilipinas’ (BSP) National Retial Payment System (NRPS) program. It was launched by the BSP and several financial institutions in November 2017.

To date, 58 financial institutions are part of PESONet, which is implemented by the BSP-recognized by the industry-led Philippine Payments Management Inc. (PPMI).

PPMI Chair Justo A. Ortiz, in a briefing Tuesday, said average PESONet transfers to date is around 39,000 while in terms of value amounts to Php3 billion per day. He said these figures “are very encouraging.”

“We hope to see more financial institutions to start using PESONet, particularly thrift and rural banks, the non-bank electronic money issuers, and government corporations as PESONet customers and businesses using PESONet for disbursement as well as collections,” he said.

NRPS is seen to boost electronic payment transactions in the country to account to 20 percent of the total by 2020.

BSP Governor Nestor A. Espenilla Jr. told reporters on Tuesday that the government can be a big contributor to the bid to up electronic payment transactions in the country because of the large number of payments to individuals through disbursement of salaries of government employees, and suppliers. “Actually there is a lot of possibility,” he said.