from approximately 7,000 transactions per day in 2003 to 9,000 transactions per day in 2006, achieved 28.6%25 growth in 3 years. PhilPaSS (developed in 2002) which was 812 transactions per day in Dec. 2003 became 1,847 transactions26 per day in Dec. 2006, grew up more than twice in three years (31.6% annually). Meanwhile, BAHTNET (developed in 1995) raised its total transactions 17.3% in three years from 2000 to 200327. Assuming an annual growth rate of 30% according to the growth rate of PhilPaSS (which has data just after the go-live of new system), the number of transactions will be 482.7 per day and 115,849 per year in 2023. If the fee is set to 1,000 MMK per transaction, the same as the current fee, the annual fee will amount to 115.8 million MMK. With the annual fee 65.1 million MMK, annual total fee will be 177.3 million MMK. In any case, it is believed that it is difficult to cover the entire maintenance and operation expenses required for CBM from fee collection alone. Moreover, cost for the replacement of the system after the go-live should be added in calculation also. On the other hand, Since BOJ position BOJ-NET as a public infrastructure supporting the nation’s financial market, BOJ bears the costs of development and maintenance of BOJ-NET. Similar to BOJ-NET, Bangko Sentral ng Pilipinas (BSP) is setting up a low price for PhilPaSS to encourage the oversea workers (OSW) which is supporting the economy of Philippines. Currently, CBM maintains a strong financial position, thus it is possible to set low fee rates in early stage and aim for more participation in transactions from the viewpoint of providing an environment indispensable as the public infrastructure of the settlement system rather than trying to cover the operation and maintenance costs with setting the higher fee. Then it is possible to adjust the fee setting according to the economic growth in Myanmar. However, setting the fee rate is a matter to be determined in accordance with the policy and measures of CBM. 25 https://www.bnm.gov.my/files/publication/fsps/en/2010/cp04.pdf (statistics since 2002) http://www.bsp.gov.ph/financial/payment_stats.asp 27 http://www2.bot.or.th/statistics/BOTWEBSTAT.aspx?reportID=436&language=ENG (statistics since 2000) 26 109