The central bank of the Philippines intends to suspend new registration applications for Operators of Payment Systems (OPS) for 12 months to conduct a comprehensive review of existing classification and licensing frameworks. The draft mandates direct‑merchant arrangements for merchant‑acquiring businesses involving Virtual Asset Service Providers (VASPs), together with enhanced due‑diligence rules, ongoing monitoring, and risk‑control measures including appropriate transaction and settlement limits. Regulated entities are also required to strengthen identification and surveillance over merchants, payment channels and fund flows. The draft remains in the public consultation phase.