THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to update its existing rules on payment settlement facilities to streamline large-value payments as it plans to extend the Peso Real-Time Gross Settlement (RTGS) Payment System’s (PS) operating hours. In a draft memorandum, the central bank proposed amendments to the rules on the Peso RTGS Payment System, including establishing two new facilities on top of the existing Intraday Settlement Facility (ISF). Under the proposal, the BSP will provide three RTGS Settlement Facilities (RSFs) to eligible direct participant banks and nonbanks with quasi-banking functions to facilitate the settlement of payments in the Peso RTGS Payment System, namely, the ISF, the extended ISF (E-ISF), and the Off-Hours Settlement Facility (OSF). All outstanding ISF availments past the prescribed repurchase period before post-normal business hours end will be automatically converted to an E-ISF, according to the BSP. Currently, the ISF operates under the country’s lone RTGS system Philippine Payment and Settlement System (PhilPaSS) Plus, which the central bank owns and manages.