Philpass transactions hit P251.3T in 9 mos

The number of transactions processed and settled at the payments and settlements system of the Bangko Sentral ng Pilipinas (BSP) increased during the first nine months of the year, BSP data showed.

A total of 1.001 million transactions worth P251.289 trillion were processed and paid through the BSP’s Philippine Payments and Settlements System (PhilPaSS) from January to September this year.

These represented 11 percent and 7.06 percent respective increases from previous year’s 902,074 transactions with an aggregate amount of P234.697 trillion, data showed.

PhilPaSS is an online and real- time gross settlement payment system administered by the central bank to facilitate payment transactions between banks. The large value handled by the system represents money in circulation that is being repeatedly processed by banks.

On a quarterly basis, PhilPaSS likewise recorded year-on-year improvements in terms of volume and value of transactions, figures showed.

It processed a total of 344,491 transactions in the first quarter, up 18.6 percent; 322,536 in the second quarter, increasing 9.74 percent and 334,963 in the third quarter, improving 5.38 percent.

Transactions amounted to P89.363 trillion in the first quarter (up 2.85 percent), P83.548 trillion in the second quarter (up 9.03 percent) and P78.378 trillion in the third quarter ( up 10.11 percent), data showed.

For the first three quarters, the top three contributing transactions in terms of volume were traced from interbank transactions (256,750), PvP transactions (177,364) and those from the BSP Treasury Department (29,366).

In terms of value, the BSP Treasury Department led the pack (P132.438 trillion), followed by interbank transactions (P79.829 trillion) and PvP (P25.680 trillion).

Bella Santos, BSP payments and settlements office director, has said the central bank is intensifying its information drive regarding PhilPaSS to attract more customers, especially in its PhilPaSS Remit unit in charge of processing remittances from overseas Filipinos.

As of the third quarter, a total of 278,400 transactions with an aggregate amount of P10.837 billion passed through PhilPaSS Remit, official data showed. Santos has said PhilPaSS Remit is managing an average of 3,000 transactions daily worth roughly P12 million.