SETTLEMENT OF INTERBANK TRANSACTIONS VIS-À-VIS COVERINGRESERVE REQUIREMENT/DEFICIENCY OF BANKS’ DEMAND DEPOSIT ACCOUNT WITH THE BANGKO SENTRAL
(Appendix to Sec. 202)
| Start Time |
Agency Involved |
Activities | Cut-off Time |
| Current Day (T+0) | |||
| 9:00 AM | PCHC | Regular check clearing processing window | 4:30 PM |
| 9:00 AM | BSP-PSO | Beginning balances generated for PhilPaSS-DDA | |
| Regular window for same day interbank transactions | |||
| Posting/Settlement of other DDA transactions (i.e. BTr and other Bangko Sentral departments) | |||
| • Bank payment of OLF converted from ILF availed (value T-0) | 11:00 AM | ||
| • Bangko Sentral ECWS transactions | 12:00 noon | ||
| • Cash deposits with Bangko Sentral Head Office and Regional Offices/EFTIS | 2:00 PM | ||
| • OFW remittances via PhilPaSS-REMIT | 3:00 PM | ||
| • ATM transactions | 4:00 PM | ||
| • BTr-GS sale/purchase via DvP | -do- | ||
| • PDS Settlement Highway for GS-eDvP | -do- | ||
| • BSP-OLC Collection of OCL availed (value T-0) | 5:00 PM | ||
| • PDS Settlement Highway for USD sale/purchase (peso lag) via PvP | 5:45 PM | ||
| • Interbank borrowings/Lending | -do- | ||
| • E-Rediscounting | -do- | ||
| 9:00 AM | BTr | Bank’s availment of ILF Loan | 10:00 AM |
| 10:01 AM | BSP-TD | Grant/Credit of ILF loan proceeds to bank’s DDA | 5:00 PM |
| Collection (on demand) of ILF loan availed | 5:00 PM | ||
| 10:00 AM | BSP-TD | Bangko Sentral Monetary Operations: | |
| • TDF (bid submission at 9:30 AM) | 10:30 AM | ||
| • Outright GS purchase and sale | 5:00 PM | ||
| • OLF | 5:15 PM | ||
| • ODF | 5:30 PM | ||
| 10:00 AM | BSP-PSO | PhilPaSS settlement cut-off of Bangko Sentral TDF, Outright GS purchase and sale/OLF/ODF | 5:45 PM |
| 4:30 PM | BSP-PSO | Posting of PCHC ECCS results | 4:45 PM |
| 4:30 PM | BSP-TD | Bangko Sentral Monetary Operations – Overnight RRP | 5:00 PM |
| 4:30 PM | BSP-PSO | PhilPass settlement cut-off of Bangko Sentral Overnight RRP | 5:45 PM |
| 6:00 PM | BSP-PSO | Interbank window for end-of-day liquidity/reserve position | |
| 6:00 PM | BSP-PSO | PhilPaSS close of business | 6:30 PM |
| 6:00 PM | BSP-PSO | Release of final copy of PhilPaSS DDA balance via MT950 (end-of-day DDA balance before AM returns clearing) | 6:30 PM |
| Release of notice to PCHC of the amount available for settlement of the bank’s clearing losses, if greater than DDAlosses, if greater than DDA | |||
| 6:00 PM | PCHC | Receipt of Bangko Sentral notice of the amount available for settlement of the bank’s clearing losses, if greater than DDA | 6:30 PM |
| Next Day (T+1) Normal Conditions | |||
| 2:00 AM | PCHC | Returned COCI receiving window | 8:00 AM |
| 8:01 AM | BSP-PSO | Interbank trading and settlement window for losses in AM returns (back value T+0) | 8:59 AM |
| BSP-DLC | Availment of OCL by Banks (back value T+0) | 8:59 AM | |
| BSP-TD | Bangko Sentral-OLF window for losses in AM returns (back value T+0) | 8:45 AM | |
| 8:16 AM | BSP-PSO | PhilPaSS settlement cut-off Bangko Sentral OLF (back value T+0) | 8:59 AM |
| 9:00 AM | BSP-PSO | DDA balances (T+0) available on demand via PhilPaSS Participant Browser (PPB) | 9:00 AM |
| 9:00 AM | BSP-PSO | PhilPaSS business hours – Value T+1 | 5:45 PM |
| 9:00 AM | PCHC | Receipt of Bangko Sentral notice of bank’s suspension in clearing operations, if any | |
| Next Day (T+1) – Abnormal Conditions (Extended End-of-Day Procedures) | |||
| 2:00 AM | PCHC | Returned COCI receiving window | 8:00 AM |
| 8:01 AM | BSP-PSO | Posting/settlement of PCHC AM returns (back value T+0) | 8:15 AM |
| 8:16 AM | BSP-PSO | Interbank trading and settlement window for losses in AM returns (back value T+0) | 9:59 AM |
| 8:16 AM | BSP-DLC | Availment of OCL by Banks (back value T+0) | 9:59 AM |
| BSP-TD | Bangko Sentral Monetary Operations trading window on an extended EOD basis (back value T+0) | ||
| • Overnight RRP (bid submission at 8:16 AM) | 9:30 AM | ||
| • OLF | 9:30 AM | ||
| • ODF | 9:30 AM | ||
| • TDF | 9:30 AM | ||
| 8:16 AM | BSP-PSO | PhilPaSS settlement cut-off Bangko Sentral OLF, ODF, TDF and RRP (back value T+0) | 9:59 AM |
| 10:00 AM | BSP-PSO | DDA balances (T+0) available on demand via PhilPaSS Participant Browser (PPB) | 10:00 AM |
| 10:01 AM | BSP-ITSS | Housekeeping Procedures | 12:59 PM |
| 1:00 PM | BSP-PSO | PhilPaSS business hours –Value T+1 | 5:45 PM |
| ATM | – Automated Teller Machine |
| BTr | – Bureau of the Treasury |
| DDA | – Demand Deposit Account |
| DVP | – Delivery versus Payment |
| ECCS | – Electronic Cheque Clearing System |
| ECWS | – Electronic Cash Withdrawal System |
| eDvP | – Enhanced Delivery versus Payment |
| EFTIS | – Electronic Fund Transfer Instruction System |
| EPCS | – Electronic Peso Clearing System |
| GS | – Government Securities |
| ILF | – Intraday Liquidity Facility |
| OFW | – Overseas Filipino Workers |
| OCL | – Overdraft Credit Line |
| ODF | – Overnight Deposit Facility |
| OLF | – Overnight Lending Facility |
| PDS | – Philippine Dealing System |
| PvP | – Payment versus Payment |
| RRP | – Reverse Repurchase Agreement |
| TDF | – Term Deposit Facility |
| (T-0) | – Banking days prior to Current Day |
(Circular Nos. 986 dated 29 December 2017, 955 dated 11 April 2017 and 913 dated 02 June 2016)