MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is finalizing the implementing rules and regulations (IRR) of a new law which provides safe, efficient, and reliable payment systems in the country.

The BSP has asked major stakeholders to submit comments and feedback on the draft IRR of Republic Act 11127 otherwise known as the National Payment Systems Act (NPSA) signed by President Duterte in October last year.

Stakeholders were given until April 26 to comment on the proposed guidelines.

BSP Governor Benjamin Diokno had said the NPSA provides a comprehensive legal framework supporting the twin objectives of maintaining a payment system necessary to control systemic risk and providing an environment conducive to sustainable growth.

“It fosters a level playing field for all participants under a single overarching legal and regulatory framework. This will bring about greater efficiencies, foster digital innovations and promote competition, a combination for cooperation and competition in the financial services industry,” Diokno said during the 1st Fintech Alliance summit.

The central bank recognizes the crucial role of payment systems in maintaining a stable financial system and facilitating the realization of monetary policy objectives.

It added the operation of a safe, efficient, and reliable payment system would help control systemic risk and provide an environment conducive to the sustainable growth of the economy.

Under the proposed guidelines, operators of payment systems or those that maintain platforms enabling payments or fund transfers and issues payment instruments need to register with the BSP.

Applicants are required to submit applications signed by the company’s president and chief executive officer, a business plan that includes target markets as well as copies of business registration or permits. The registration fee is P20,000.

However, the BSP said institutions that are already registered or licensed by the BSP such as banks, electronic money issuers (EMIs) or those involved in money service business (MSB) and are also operators of payment systems only need to submit a duly accomplished application signed by its president and CEO.

The BSP said it would issue cease and desist orders against unregistered operators of payment systems.