Philippines central bank draft would pause new payment operator registrations for 12 months

• —The BSP draft would stop accepting new OPS applications for 12 months from the final circular's effective date
• —Applications already filed would continue to be reviewed but neither approved nor rejected during the suspension
• —VASP-related companies would be classified as high-risk merchants under the proposal
• —Existing layered payment arrangements would face a six-month review and a further six months for adjustments