The Central Bank of the Philippines' (BSP) Memorandum No. M-2016-011 aims to ensure that the ongoing migration efforts of the retail payments industry are aligned with the intentions of the BSP, particularly in protecting the public against payment card fraud. To this end, the memo requires that the online personal identification number PlN be the primary cardholder verification method (CVM) for Philippine-issued debit cards when used in the domestic point-of-sale (POS) environment. While migration efforts are still ongoing to support the online PlN, the use of a signature as a secondary or alternative CVM in cases when the debit card or POS terminal is not yet capable of online PIN verification will be permitted for an interim period of two (2) years after January 1, 2017.
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