BancNet, PCHC complete merger to unify PH payments networks
MANILA, Philippines – BancNet Inc. and the Philippine Clearing House Corp. (PCHC) on Tuesday announced the completion of their merger, creating a unified payments and clearing operator to boost efficiency and strengthen the country’s payments infrastructure.
In a joint statement, both said the Securities and Exchange Commission approved the merger with BancNet serving as the surviving entity.
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Early this year, the Bangko Sentral ng Pilipinas previously authorized the merger between the BancNet and PCHC.
Effective June 1, BancNet has been renamed Payments Network of the Philippines Inc. (PNPI), while the BancNet and PCHC brands will be retained for ATM and check-clearing operations, respectively.
Both will announce further details about the transition and integration initiatives in due course.
Meanwhile, the merger combines two operators designated by the central bank as critical components of the country’s payment system.
Before the consolidation, BancNet operated the InstaPay fund transfer network, while PCHC managed PESONet, the Philippine Domestic Dollar Transfer System and the Payment-versus-Payment settlement platform under the National Retail Payments System framework.
InstaPay and PESONet transactions surged 45.4% to P10.39 trillion in the first four months, according to central bank data.
READ: InstaPay, PESONet transactions topped P24T in 2025
“The merger represents a transformative step toward a more integrated and future-ready national payments system. By combining the strengths and expertise of BancNet and PCHC, PNPI will be in a stronger position to support BSP’s digital payments transformation agenda,” BancNet chairman Nestor Tan said.
PCHC chairman Joseph Gotuaco said PNPI will “enhance the safe, reliable, and efficient processing of electronic payment transactions and clearing services.”
”PNPI will continue to work closely with regulators, participating financial institutions, and industry stakeholders in advancing secure, inclusive, and interoperable payment systems for the Philippines,” Gotuaco added. INQ
