Regulatory Alerts2024-03-14
Added · Updated
Circular No. 1191: Creation of Manual of Regulations for Payment Systems (MORPS)
The Bangko Sentral ng Pilipinas issued Circular No. 1191 to formally create the Manual of Regulations for Payment Systems (MORPS), consolidating and renumbering existing circulars and memoranda into a unified regulatory framework. This manual incorporates provisions from the Manual of Regulations for Banks and Non-Bank Financial Institutions, establishing new parts covering oversight, retail payment systems, governance, licensing, settlement, and sanctions. The document mandates compliance with international standards, defines the Bangko Sentral's oversight responsibilities, and outlines enforcement actions for violations by payment system operators and participants.