An efficient, secure, and reliable payment system reduces the cost of exchanging goods and services. It is also an essential tool for effective implementation of monetary policy, and for smooth functioning of money and capital markets.

The Bangko Sentral ng Pilipinas (BSP) leads in promoting an efficient payments and settlements system by providing the necessary infrastructure through the operations of the Philippine Payment and Settlement System (PhilPaSS); and the policy and regulatory framework, also known as the National Retail Payment System (NRPS), to establish a safe, efficient, and reliable retail payment system in the country.