PhlPASS transactions slightly drop in Q4

MANILA, Philippines - The number of transactions made through the Bangko Sentral ng Pilipinas’ payments and settlements system fell in the last quarter of 2013, the central bank said in a report.

The total volume of transactions settled and processed at the Philippine Payments and Settlements System (PhilPASS) went down four percent to 325,446 in the fourth quarter from 339,543 the previous quarter.

The BSP said this was due to a decrease in the following: interbank sale and purchase of foreign currency via payment-versus-payment; Megalink transactions; tertiary transactions on government securities via expanded delivery-versus-payment; BSP Cash Department transactions; and BSP Treasury Department transactions.

This resulted in a three-percent decline in the total value of transactions to P81.2 trillion in the fourth quarter, the BSP said.

“The decrease in the total transaction value was due to the contraction in the following accounts: tertiary transactions on government securities via expanded delivery-versus-payment; interbank sale and purchase of foreign currency via payment-versus-payment; BSP Cash Department transactions; and BSP Treasury Department transactions,” the central bank added.

PhilPASS is the BSP’s gross settlement system wherein processing and final settlement of fund transfer happens in real time. The system handles high-value payments between banks through their deposit accounts maintained with the BSP.

On a year-on-year basis, the volume of transactions fell one percent to 329,815 in the fourth quarter.

The value of transactions, meanwhile, slid 18 percent to P98.4 trillion, the BSP said.

PhilPASS is used for the settlement of overseas Filipinos’ remittances, fund transfers and loan transactions between banks, sale and purchase of government securities, and foreign currency dealings.