The Bangko Sentral ng Pilipinas (BSP) and the Bureau of the Treasury (BTr) signed Thursday a memorandum of understanding (MOU) to further strengthen the resilience of their payments and settlements systems.
The MOU, signed at the BSP office, aims to promote safety and resiliency of the interconnected financial market infrastructures operated by the BSP and the BTr.
In particular, it covers the BSP’s Peso RTGS (PhilPaSSplus) and the BTr’s National Registry of Scripless Securities or NRoSS, including other systems related to or interlinked with these financial market infrastructures (FMIs), such as the Delivery versus Payment (DvP) system and Intraday Settlement Facility (ISF).
“As the operator of the National Registry of Scripless Securities, or we all know as NROSS, which is the Central Securities Depository and Security Settlement System for all government securities and BSP securities, the Bureau of the Treasury recognizes the vital role we play in ensuring the integrity of our system and maintaining financial market confidence and stability,” said National Treasurer Sharon Almanza.
Almanza said NROSS and the BSP’s Peso RTGS form the backbone of the country’s financial market infrastructure.
“Through this arrangement, we will collaborate to address critical challenges in the operation and maintenance of our systems, ensuring that this remains strategically aligned, adequately secured, and operationally sound,” she said.
“We also commit to work together on whole-of-market initiatives and third-party assessments to maintain our alignment with international standards and best practices.”
BSP Governor Eli Remolona Jr. said the BSP is closely working with the BTr to deepen the capital markets.
“I think this MOU is not just a document. It’s to tell us that we have work to do. And we have to work together to do that work,” Remolona said. (PNA)