PPMI is a self-governing regulatory structure, ran by payment industry participants in the Philippines, and is duly recognized by the Bangko Sentral ng Pilipinas (BSP) as the country’s Payment System Management Body (PSMB). PPMI formulates, issues, and enforces the National Retail Payment System (NRPS) governance framework, in close coordination with the BSP. Its membership includes all qualified direct clearing participants (banks and nonbank e-money issuers) in the Philippines.
In the subsequent letter to BSP Governor Benjamin Diokno signed by CDA Chairperson Orlando S. Ravanera, he said: “We look forward to your support for our endorsement and for the direct participation of cooperatives as a step towards mainstreaming institutions that serve the “underserved.”
“We will continue to collaborate with the BSP to achieve this end, including participation in discussions to enhance the framework of the National Retail Payment System framework,” he added.
Since 2015, the BSP has pushed for Financial Inclusion, wherein every Filipino will have access to formal financial services by 2020. Co-ops have been recognized as engines to accelerate financial inclusion in the rural areas that are beyond the reach of commercial banks, but where many co-ops operate.
And to boost Financial Inclusion, the BSP also advocates digital transactions that will allow co-op members to perform “cashless transactions” using their mobile phones, through ATMs, and point-of-sale (POS).
NATCCO and PFCCO have partnered since 2016 to provide KAYA Payment Platform exclusively for co-ops, enabling their members to perform such cashless transactions.
In the letter, Ravanera said the CDA recognizes the “initiatives within the cooperative sector (KAYA Payment Platform) that improves the capabilities of cooperatives to provide better and relevant services to the millions of mostly low-income individual members.”
Ravanera noted that the joint initiative of the NATCCO and PFCCO to provide a shared payment platform brings digital financial services closer to thousands of small and medium cooperatives, which otherwise, do not have the technical nor financial capacity for such a big undertaking.
The CDA has accompanied NATCCO and PFCCO since 2016 in the dialogues with the BSP’s team, eventually the Payment Systems Oversight Department, on the National Retail Payment Systems framework.
Ravanera said: “We understand and fully support the advocacy of these co-op federations for a truly inclusive financial system that embraces participation of all financial service industry players, including cooperatives and micro-finance institutions.”
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