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PhilPaSSplus (Philippine Peso Settlement)
Reference entry · last updated 20260910
PhilPaSSplus is the Philippine-peso real-time gross settlement system operated by BSP. It settles obligations through participants’ accounts at the central bank.[1]
1. First principles: gross settlement
In real-time gross settlement (RTGS), payments settle individually as they are processed, subject to system conditions such as sufficient funds. The settlement transfers value between participating institutions.[1]
2. Retail clearing results
PhilPaSSplus also settles net clearing results from retail payment systems. A net result combines obligations from several payments. Posting that result in an RTGS system does not turn every underlying retail transfer into an individual RTGS payment.[1]
3. Customer funds and institutional settlement
InstaPay makes funds available to recipients almost instantly. Its participants prefund net clearing obligations in BSP demand deposit accounts. Institutions without direct access can use a sponsoring member.[2]
The customer’s credit and the settlement of an institution’s net obligations describe separate events. An app’s transfer confirmation therefore does not specify the timing of an individual PhilPaSSplus posting.
4. See also
- Bangko Sentral ng Pilipinas (BSP)
- Settlement (Payments)
- Clearing (Payments)
- InstaPay (Philippines)
- PESONet (Philippine Batch Payments)