In compliance with the Republic Act No. 11127, or the National Payment Systems Act, we cannot use digital tips as any form of payment method, either offline or online, to protect our economy from systemic risk. However, tips (digital tips) can be redeemed for eGifts & Games Credits, because those are digital products and don’t have VAT on them.
National Payment Systems Act (NPSA)
Republic Act No. 11127, or the National Payment Systems Act (NPSA), provides a comprehensive legal and regulatory framework that supports the twin objectives of maintaining a payment system that is necessary to control systemic risk and provide an environment conducive to the sustainable growth of the economy.
A payment system provides the channels through which funds are transferred among banks and other institutions to discharge payment obligations arising from economic and financial transactions across the entire economy. An efficient, secure, and reliable payment system reduces the cost of exchanging goods and services. It is an essential tool for the effective implementation of monetary policy, and the smooth functioning of money and capital markets.
The NPSA mandates the BSP to oversee payment systems in the Philippines and exercise supervisory and regulatory powers to ensure the stability and effectiveness of the monetary and financial system.
Anti-Money Laundering Act of 2001
The Anti-Money Laundering Council (AMLC) was created pursuant to Republic Act No. 9160, otherwise known as the “Anti-Money Laundering Act of 2001” (AMLA), to protect the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity.
Tippeers Community imposed a limitation on daily transactions to prevent unlawful activity, especially with money laundering.
An account verification is also required to receive tips from anyone within the Tippeers Community. This is a part of KYC or “Know Your Customer” process which can lower the risk of scams and irregular activities within our community.