The Bangko Sentral ng Pilipinas (BSP) and the Bureau of the Treasury (BTr) are joining forces in a new partnership they hope will usher in a more secure, efficient, and liquid government securities market.
The two institutions have signed a memorandum of understanding (MOU) to directly link the BSP’s Peso Real-Time Gross Settlement (RTGS) system with the Treasury’s National Registry of Scripless Securities (NRoSS).
“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,” BSP Governor Eli Remolona Jr. said at the signing. “We are, as they say, two sides of the same coin. And those two sides reinforce each other.”
The central bank chief said linking the two systems would allow the BSP to respond more quickly during financial stress episodes by providing better visibility on collateral held by banks.
“When we manage systemic risk, it would help if we could look at NRoSS and immediately know what collateral banks have, so we can lend quickly and safely. That’s the direction this partnership takes us,” he noted.
National treasurer Sharon Almanza said the collaboration would align local systems with international standards for 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,” Almanza said.
The signing of this MOU signals strength and partnership, one that reinforces our shared vision of a resilient, future‑ready and globally competitive financial market infrastructure for the country,” she added.
BSP deputy governor Mamerto Tangonan said the agreement followed months of coordination between the agencies’ technical teams.
“Since August 2024, technical experts from both institutions have worked closely to explore how digital transformation can enhance market efficiency, accessibility and resilience,” he said.
