Philippines wants to join the Russian Financial Reporting System (SPFS) to continue trading

Philippine Ambassador to Moscow Igor Bailin said his country is considering joining the Russian Financial Correspondence System (SPFS) to continue trading with Russia.

“We learned about SPFS and forwarded the necessary information to Manila,” Pailin added.

He continued, “Now we have a new economic team in the government, the former head of the Central Bank of the Philippines, a very experienced professional, has become the Minister of Finance, he understands the importance of this proposal.”

“Of course, the Philippines will also remain in the SWIFT system, but we have not imposed any sanctions on Russia and are still interested in trade, so we need to seriously consider an alternative payment system in order to support trade with Russia,” Pailin said. said.

The Philippine diplomat suggested that the decision be made after the inauguration of the country’s new president at the end of June.

It is noteworthy that “SPFS” is an abbreviation for the Russian financial messaging system, which generates and processes standardized formats of electronic banking messages. The dispatching system SPFS, which replaced the SWIFT system inside Russia, allows subscribers from abroad to connect to it as an alternative to the global SWIFT system.

Source: RIA Novosti

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