Regulatory Alerts2025-12-04
Amendments to the Rules on the Intraday Settlement Facility (ISF)
The Peso RTGS Payment System Management Committee of the Bangko Sentral ng Pilipinas approved amendments to the Manual of Regulations for Payment Systems to update the Intraday Settlement Facility rules. The changes clarify that availing the facility constitutes a sale of eligible securities to the central bank and mandate the repurchase of covered securities within a prescribed period for Extended ISF. These amendments took effect immediately on 4 December 2025 to ensure the smooth flow of payments and manage systemic risk.
BANGKO SENTRAL NG PILIPINAS PESO REAL-TIME GROSS SETTLEMENT MANAGEMENT COMMITTEE
MEMORANDUM NO. M-2025-039
To : All Participants in the Peso Real-Time Gross Settlement (RTGS) Payment System
Subject : Amendments to the Rules on the Intraday Settlement Facility (ISF)
The Peso Real-Time Gross Settlement (RTGS) Payment System Management Committee (ManCom), in its Resolution No. 25-017.1 dated 27 November 2025, approved the following amendments to the rules on the Intraday Settlement Facility (ISF) of the Bangko Sentral ng Pilipinas (Bangko Sentral) under the Manual of Regulations for Payment Systems (MORPS).
Section 1. Section 1401.14 of the MORPS shall be amended to read as follows:
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1401.14 Intraday Settlement Facility (ISF). The Bangko Sentral provides an ISF to eligible participants to ensure the smooth flow of payments through the RTGS Payment System and the timely execution of interdependent settlements to manage systemic risk.
The operation of the ISF shall be in accordance with Appendix 1401-4.
Section 2. This Memorandum shall take effect immediately.
(Signed) EDNA C. VILLA Chairperson, Peso RTGS ManCom and Senior Assistant Governor, Financial Markets
4 December 2025
Appendix 1401-4
INTRADAY SETTLEMENT FACILITY Appendix to Section 1401.14
The Intraday Settlement Facility (ISF) shall operate as follows:
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h. Automatic Availment of the Facility. Once the value of the transferred securities is reflected in the participant's ISF account, the participant is deemed to have availed of the ISF in the same amount, which shall appear in the participant's SA.
The participant may re-avail of the facility multiple times during the business day by transferring additional eligible securities.
i. Nature of ISF Availment. Each ISF availment is considered a sale of eligible securities to the Bangko Sentral, corresponding to the amount of the ISF availed. XXX
j. Repurchase. XXX
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In the case of Extended ISF, the participant shall repurchase the covered securities within the Bangko Sentral-prescribed period on the succeeding business day. Failure to do so shall bar the participant from repurchasing the covered securities at a later time and date.
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