Regulatory Alerts2026-06-17
Circular No. 1238: Amendments to the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities
Bangko Sentral ng Pilipinas issued Circular No. 1238 to amend the Manual of Regulations for Payment Systems, Banks, and Non-Bank Financial Institutions regarding pricing mechanisms and merchant due diligence. The regulation mandates that financial institutions adopt fair, market-based pricing for electronic payments, ensuring that person-to-person transfer fees do not unreasonably differ between on-us and off-us transactions while requiring recipients to receive full amounts free of charge. Additionally, Operators of Payment Systems with Merchant Acquisition Licenses must implement risk-based merchant due diligence procedures and adopt transparent, cost-supported pricing structures for merchant services.
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