BancNet, Inc. (BancNet) and Philippine Clearing House Corporation (PCHC) jointly announced today that the Securities and Exchange Commission (SEC) has approved their merger with BancNet as the surviving entity. Early this year, the Bangko Sentral ng Pilipinas (BSP) authorized the merger.
Effective June 1, 2026, BancNet officially adopted a new corporate name, Payments Network of the Philippines, Inc. (PNPI). “BancNet” shall be retained as a brand for PNPI’s ATM Network while “PCHC” shall be retained for check clearing operations.
The merger marks a significant milestone in the continued modernization and strengthening of the Philippine payments ecosystem, initiated by the BSP. It unifies the country’s leading payment and clearing switch operators into a single, stronger, and more resilient entity, better positioned to deliver safe, reliable, and efficient payment services for the benefit of consumers. Both BancNet and PCHC are identified by BSP as Operators of Designated Payment Systems (ODPS) under the National Retail Payments System (NRPS) –-BancNet for InstaPay and PCHC for PESONet, Philippine Domestic Dollar Transfer System (PDDTS) and Payment-versus- Payment (PvP). The merger is expected to enhance operational efficiencies, promote greater interoperability, and accelerate innovation in digital payments.
“The merger represents a transformative step toward a more integrated and future-ready national payments system,” said BancNet Chairman Nestor V. 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.”
