Transactions via BSP money transfer system grow 22.2%

The Bangko Sentral ng Pilipinas (BSP) on Wednesday reported that the volume of transactions coursed through its electronic fund transfer system grew 22.2 percent last year, involving mainly — but not exclusively — the money of overseas Filipino workers (OFWs). The Philippine Payments and Settlements System (Philpass) recorded total transactions of P206.6 trillion in 2010 from P188.5 trillion in 2009. In full swing by the fourth quarter of 2010, the system called Philpass Remit eliminates third-party courier services between commercial banks when processing remittances through bank credits. “The significant increase in the number and volume of transactions stemmed mainly from overseas Filipino remittance transactions processed and settled through the Philpass Remit System," the BSP said. The central bank attributed the growth to secondary market trades via the Delivery versus Payment (DvP) which rose 64.8 percent, interbank call loans (24.1 percent), tertiary market trades via expanded DvP (16.2 percent), cash deposits (15.9 percent), and foreign exchange trade settlement (8.3 percent). The higher volume of transactions also translated into higher transaction values as secondary market trades via the DvP rose 141.5 percent, interbank call loans (7.2 percent), tertiary market trades via eDvP (7 percent), cash deposits (25.3 percent), and forex trade settlements via DvP (14.8 percent). As a result, Philpass total revenues from transaction fees reached P151.2 million, up P17.9 million or 13.4 percent the year earlier fees, the central bank said. — PE/VS, GMA News