November 13, 2001
BSP CIRCULAR LETTER
TO : All Banks/NBQBs
The Monetary Board, in its Resolution No. 1765 dated November 8, 2001 approved the Supplemental Memorandum of Agreement (MOA) among the Bangko Sentral ng Pilipinas, Bankers Association of the Philippines and the Philippine Clearing House Corporation on the implementation of the expanded MIPS2 designated as “MIPS2 Plus” to cover other types of interbank fund transfers such as settlement of foreign currency (FX) transactions, government securities transactions and other interbank payments. Attached to this letter is the Supplemental MOA which shall be implemented effective November 15, 2001.
Salient Features of the Supplemental MOA
Operating Hours (Item 1) – The system’s operating window of 10:01 A.M. to 4:00 P.M. shall also include other types of interbank fund transfer transactions. Each transaction shall be properly identified as to the type of interbank transaction being settled (e.g. FX Settlement, Securities Settlement.)
Obligation Requirement (Item 8) — For payment of FX transactions, participants shall transmit at least 70% of their obligations (based on total value) before 12 noon. For payment of securities transaction, participants shall...
