The paper also proposes a creditor hierarchy for financial institutions that will facilitate bail-in in a way that no creditor or investor will be worse off in resolution than they would have been in liquidation.
As such, after the operationalization of PESONet and InstaPay, the BSP is now exploring further enhancements to the large value payment system. We do this even as the private sector contemplates other automated clearing houses (ACHs) for other useful retail payment schemes.