Regulatory Alerts2026-04-01
Amendments to Incident Management under Section 1401.15 of the Manual of Regulations for Payment Systems
The Peso RTGS Management Committee of the Bangko Sentral de Pilipinas amended Section 1401.15 of the Manual of Regulations for Payment Systems to establish strict incident management protocols for payment system participants. Participants must coordinate with the central bank to determine incident origins and are required to submit an Incident Notification Report within one hour if the issue stems from their own systems. The amendments also define alternative settlement mechanisms, such as bilateral netting and paying agents, and prescribe detailed Business Continuity Plan procedures for connectivity failures or system outages.
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