SEC, BSP clear BancNet-PCHC merger into new payments giant

Insider Spotlight

• SEC approved the merger of BancNet and Philippine Clearing House Corporation, following BSP authorization earlier this year
• The combined entity now operates as Payments Network of the Philippines Inc. (PNPI) effective June 1, 2026
• The merger brings together operators behind key payment rails including InstaPay and PESONet
  
  
  

The Securities and Exchange Commission has approved the merger of BancNet Inc. and Philippine Clearing House Corp. (PCHC), creating a unified payments infrastructure company aimed at strengthening the country’s digital payments ecosystem. 

The approval follows authorization from the Bangko Sentral ng Pilipinas earlier this year.

Effective June 1, 2026, BancNet said in a statement that it became the surviving entity and adopted the corporate name Payments Network of the Philippines Inc. (PNPI). The BancNet brand will continue to be used for the company’s ATM network operations, while the PCHC brand will remain for check-clearing services.

Why it matters

The merger combines two of the country’s most important payment and clearing switch operators into a single organization. 

Both companies are recognized by the BSP as Operators of Designated Payment Systems under the National Retail Payments System framework. BancNet operates InstaPay, while PCHC manages PESONet, the Philippine Domestic Dollar Transfer System and Payment-versus-Payment services.

The consolidation is expected to improve operational efficiency, boost interoperability across payment channels and support faster innovation in digital financial services. 

It also aligns with the BSP’s broader push to modernize the Philippine payments landscape and increase digital transaction adoption nationwide.

Nestor Tan

The BancNet chair said the merged institution will support the central bank's digital transformation agenda.

What they’re saying

“The merger represents a transformative step toward a more integrated and future-ready national payments system,” said BancNet chair Nestor Tan. 

“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 for the country and deliver greater value to banks and other financial institutions, businesses, and consumers.”

“PNPI will enhance the safe, reliable, and efficient processing of electronic payment transactions and clearing services that are vital to the country’s financial system and our broader economy,” said PCHC chair Joseph Gotuaco.”

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.”

What’s next

The companies said additional details on transition plans and integration initiatives will be announced in the coming months as PNPI begins operating as the country’s newly consolidated payments network operator. —Daxim L. Lucas | Ed: Corrie S. Narisma