The Payments Network of the Philippines, the body formed by merging the country’s main interbank network and its clearing house, has elected its leadership for the coming term. Nestor Tan of BDO was named chairman and Fabian Dee of Metrobank was elected president, both by unanimous vote.
The network sits at the center of how banks in the country move money between one another, handling the transfers and clearing that underpin everyday payments. Its board brings together senior figures from many of the largest lenders in the Philippines.
The merger that created the organization cleared the central bank, the competition regulator and the securities regulator before taking effect. Combining the two functions is meant to streamline how electronic payments and check clearing are managed nationwide.
The 15-member board includes representatives from several major banks along with independent directors, a structure designed to balance industry interests with outside oversight. A treasurer and a chief executive were also named to complete the leadership team.
Payments infrastructure has grown in importance as more Filipinos move to digital transfers and away from cash. A unified network is seen as a way to make that system more efficient and to support the continued shift toward electronic payments.
The new officers are expected to guide the organization as it works to keep the country’s payment rails running smoothly and to support further growth in digital transactions.
