Launching payments in Philippines: the stack

By Polynopsis team · Last updated 28 October 2026

Paying out in the Philippines runs over InstaPay for real-time transfers (PHP 50,000 per transfer for most senders, up to PHP 500,000 under InstaPay for Business since 29 July 2026) and PESONet for larger same-day batches, with remittance companies registered with the Bangko Sentral ng Pilipinas and pesos bought from BSP-authorised banks in an interbank spot market that settles T+1. Cross-border payment companies typically connect through payout networks such as Thunes, Nium, dLocal or Xendit, or through BSP-licensed local platforms such as Coins.ph, which also runs institutional stablecoin on and off ramps.

Currency	PHP
Local payout rails	InstaPay, InstaPay for Business, PESONet, PhilPaSSplus (RTGS)
Holiday calendar	Philippines bank holidays 2026 and 2027
Corridor playbooks	USD to PHP

The Philippines market

Cash remittances from overseas Filipinos reached a record US$35.634 billion in 2025, up 3.3% from US$34.49 billion in 2024; personal remittances reached US$39.619 billion. source
Cash remittances were US$23.424 billion in January to August 2026, up 2.2% year on year; the United States accounted for 39.8%, followed by Singapore (7.1%) and Saudi Arabia (6.3%). source
December is the peak month: December 2025 cash remittances were US$3.522 billion, up 21.03% from November. source
Digital payments made up 64.7% of total retail payment volume in 2025, up from 57.4% in 2024 and within the Philippine Development Plan's 60% to 70% target, according to the BSP's Status of Digital Payments in the Philippines report. source
PhilPaSSplus, the BSP's real-time gross settlement system, had settled P151.253 trillion as of the third quarter of 2025, up nearly 21% from P125.05 trillion a year earlier. source

Licensing: who can pay out in Philippines

BSP Circular No. 1206 (approved 23 December 2024) consolidates the rules for money service businesses, which include remittance transfer companies and money changers or foreign exchange dealers. The BSP's power to register, license and sanction MSBs was expanded by Republic Act No. 11211, and about 7,357 MSBs were registered with the BSP as of January 2025. source
The BSP's VASP roster as reported on 31 July 2026 lists six active non-bank virtual asset service providers (Betur Inc. for Coins.ph, Maya Philippines, Moneybees Forex, PDAX, TopJuan Technologies and WIBS PHP) and two active bank VASPs (GoTyme Bank and UnionBank). source
From 1 September 2025 the BSP extended its freeze on new VASP licences, first introduced in 2022, subject to reassessment; banks and institutions with stable ratings under its Supervisory Assessment Framework can still apply. source
PESONet is a payment scheme operated by Philippine Payments Management Inc. (PPMI) as authorised by the BSP, which classifies it as a financial market infrastructure and a prominently important payment system. source

This page explains the rules in general terms and is not legal or regulatory advice. Check the primary source and take advice on how the rules apply to your firm.

Payout rails in Philippines

Rail	Operator	What matters for payouts	Source
InstaPay	Philippine Payments Management Inc. (PPMI) under the BSP	Real-time transfers 24x7; Nium routes payouts of up to PHP 50,000 per transfer over InstaPay and larger ones over PESONet.	source
InstaPay for Business	Philippine Payments Management Inc. (PPMI) under the BSP	Launched 29 July 2026: businesses can send real-time transfers of up to PHP 500,000 per transaction, 24/7. Initial participants were PNB, Wise Pilipinas, DCPay Philippines, GoTyme Bank and RCBC, with 12 more signalling intent to join.	source
PESONet	Philippine Payments Management Inc. (PPMI), authorised by the BSP	Batch transfers in full value with no network minimum or maximum, in three settlement windows with cut-offs at 10 a.m., 1 p.m. and 4 p.m. Manila time; beneficiaries are credited by 1 p.m., 4 p.m. and 7 p.m. respectively, and each bank sets its own earlier cut-offs and channel limits.	source
PhilPaSSplus (RTGS)	Bangko Sentral ng Pilipinas	Open 9:00 a.m. to 5:45 p.m. on weekdays and settles the clearing results of InstaPay, PESONet, cheques and ATMs; the BSP has proposed running it 22 hours a day, seven days a week.	source

The Philippines payments stack, layer by layer

The providers below are a starting shortlist for each layer, described from their own documentation. Confirm terms, coverage and licences with each provider.

Payout and collection partners

Provider	What it does in Philippines	Source
Thunes · our guide	Pays to Philippine bank accounts, to wallets including Coins, GCash, GrabPay and PayMaya, and to cash pickup (Thunes, August 2024).	source
Nium · our guide	Pays PHP to bank accounts at all major Philippine banks (InstaPay real time up to PHP 50,000, PESONet same day for instructions by 2 p.m.), to wallets, to cards via Visa Direct and as cash payout.	source
dLocal · our guide	Supports payouts in the Philippines by bank transfer and to wallets such as PayMaya, GCash, Coins, GrabPay and PalawanPay.	source
Xendit	Pays out PHP over InstaPay (about 15 minutes, PHP 50,000 limit) and PESONet (same day, 2 p.m. Manila cut-off, no limit) for B2B, B2C, C2B and C2C flows.	source
Coins.ph	Coins.ph Business offers APIs to collect through QR Ph and WebPay, disburse through InstaPay, and trade or embed crypto on and off ramps, with KYB onboarding.	source
TerraPay · our guide	Partnered with Raenest in February 2026 to provide local-currency payouts to freelancers in the Philippines and India.	source

Local banking and settlement accounts

Provider	What it does in Philippines	Source
Netbank	Offers Philippine non-resident payment companies and money services companies bank accounts or payment facilities for local collections, local disbursements, cross-border transfers and FX services.	source
RCBC	Runs remittance services that credit funds to accounts at RCBC or any other local bank, or pay cash through its business centres and payout partners, and lists its overseas tie-ups on its international network page.	source

Stablecoin ramps and exchanges

Provider	What it does in Philippines	Source
Coins.ph (Betur Inc.)	Offers institutional crypto liquidity, OTC trades with rates locked before trading, and embedded fiat-to-crypto on and off ramps; Betur Inc. is an active non-bank VASP on the BSP roster.	source
Philippine Digital Asset Exchange (PDAX)	Listed as an active non-bank VASP on the BSP roster reported on 31 July 2026.	source

FX and liquidity

Provider	What it does in Philippines	Source
BAP interbank USD/PHP spot market	Open to universal and commercial banks authorised by the BSP to deal in FX that are BAP members; spot settles T+1, and the BAP AM benchmark uses spot trades of at least US$500,000 dealt from 9:00 to 11:30 a.m., published by 11:35 a.m.	source
Coins.ph OTC / FX	Runs an institutional OTC and FX desk alongside its PHP collection and disbursement APIs.	source
Netbank	Provides FX services to non-resident payment companies alongside local collection and disbursement accounts.	source

KYC and KYB providers

Provider	What it does in Philippines	Source
HyperVerge	Offers eKYC with liveness and PhilSys checks, KYB and business document OCR for Philippine onboarding, and states compliance with BSP Circulars 1213, 1214 and 1215.	source
Verihubs	Verifies Philippine identity documents against official databases, checks NBI clearances, and offers liveness, face recognition and KYB.	source

Funding and prefunding PHP payouts

Interbank USD/PHP spot trades settle T+1 and only BSP-authorised universal and commercial banks that are BAP members trade in that market, so pesos bought on the last banking day before a weekend or holiday arrive after it. source
PhilPaSSplus is open only 9:00 a.m. to 5:45 p.m. on weekdays and settles InstaPay and PESONet clearing results, so interbank settlement of those payments waits for PhilPaSSplus to open. source
PESONet instructions sent after the 4 p.m. cut-off fall into the next window, which closes at 10 a.m. and credits beneficiaries by 1 p.m.; banks and payout providers set earlier cut-offs (Xendit and Nium use 2 p.m. Manila time). source
InstaPay payouts are capped at PHP 50,000 per transfer on most routes; InstaPay for Business raises that to PHP 500,000 per transaction but only through participating institutions. source
December is the busiest month: cash remittances jumped 21.03% from November to US$3.522 billion in December 2025. source

Size the prefund to your runway target with the corridor runway calculator and the Philippines holiday calendar.

Launch checklist

Plan: launch volume, the prefund sized to your runway target including weekends and holidays, the contracting entity and the funding route.
Open accounts: shortlist payout partners and a local banking route from the layers above, and prepare the onboarding pack.
Set up: read access to every new balance, a runway target with alerts, and the corridor in your daily reports.
Go live: the first prefund and a test payout, then daily monitoring.

Polynopsis turns this into one plan with named approvals, then shows every Philippines partner, bank and wallet in one live position. See how a corridor launch works.

Frequently asked questions

What is the largest real-time payout I can send in the Philippines?

InstaPay routes from providers such as Nium and Xendit cap each transfer at PHP 50,000. Since 29 July 2026 InstaPay for Business allows up to PHP 500,000 per transaction, 24/7, through participating institutions such as PNB, Wise Pilipinas, DCPay Philippines, GoTyme Bank and RCBC; larger amounts go over PESONet, which has no network limit.

When do pesos bought from a bank settle?

Interbank USD/PHP spot trades settle T+1. Only universal and commercial banks authorised by the BSP to deal in FX and that are BAP members trade in that market.

Who regulates remittance companies in the Philippines?

The BSP. Remittance transfer companies are money service businesses under Circular No. 1206 (approved 23 December 2024), and about 7,357 MSBs were registered with the BSP as of January 2025.

Can a new company get a crypto licence to run a stablecoin ramp?

Not easily. From 1 September 2025 the BSP extended its freeze on new VASP licences, subject to reassessment, leaving banks and institutions with stable supervisory ratings as the exception; BSP-registered VASPs include Coins.ph, PDAX and Maya Philippines. Separately, SEC Memorandum Circulars No. 4 and 5 of 2025 require crypto-asset service providers to register with the SEC, with paid-up capital of at least P100 million.

When is the corridor busiest?

December. Cash remittances reached US$3.522 billion in December 2025, up 21.03% from November, while PhilPaSSplus settles only on weekdays from 9:00 a.m. to 5:45 p.m.

Other markets

Sources

Know where all your money is.

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