Accounts in the Philippines: domestic local currency electronic payments

Accounts in the Philippines: learn more about domestic local currency payments

Last updated: 31 January 2019

HSBC Philippines processes domestic local currency electronic payments through either of the following two payment systems:

Philippine EFT System Operations Network (PESONet)
PESONet is a domestic payment system that allows you to send electronic payments to your beneficiaries that maintain accounts with participating banks, on the same day and at full value (i.e. no inward processing charges applied).

Philippine Payments and Settlement System (PhilPaSS)
PhilPaSS is a domestic Real Time Gross Settlement (RTGS) system that allows you to send urgent, high value payments to beneficiaries that maintain accounts with participating banks, at various times in the day.*

What does this mean for me?

When you initiate a domestic local currency payment via HSBCnet using Priority Payment or Automated Clearing House (ACH) payment instructions, we will process this through PESONet, which is our standard method of payment clearing.

If you have an urgent payment, you can opt to use PhilPaSS by creating a Priority Payment and choosing /RTGS/ from the drop-down list in the ‘Instruction to Bank’ section, and inputting ‘Pay via RTGS’ in the corresponding field.

We’ve provided information on the local Philippines payment systems below to help you determine how you’d like to submit your payment instructions through HSBCnet:

	PESONet	PhilPASS RTGS
Supported currencies	Philippine Peso	Philippine Peso
Payment cut-off time	1:00 pm Philippine Time (PHT)	3:00 pm Philippine Time (PHT)
Local payment system availability	9:00 am - 4:00 pm PHT Monday to Friday Excluding Public Holidays	9:00 am - 5:45 pm PHT Monday to Friday Excluding Public Holidays
HSBC processing	Same day	Same day
Estimated time for beneficiary to receive funds (subject to beneficiary bank processing)	End of day, from 6:00 pm PHT onwards	Intraday
Full value to the beneficiary?	Yes	No *
Participating Financial Institutions	46 banks	162 banks
The participating financial institutions are based on information published by the Banko Sentral ng Pilipinas and PESONet as of January 2019 and may be subject to change anytime.

Please note that this information about local payment processing in the Philippines will not change your existing HSBCnet experience. You can continue to create and submit payments on HSBCnet in the same way you do today.

Find out more

If you have any questions, please contact your Client Service Manager.

* May be subject to inward processing fees applied by the beneficiary bank.