The Bangko Sentral ng Pilipinas (BSP) has introduced new rules under Circular No. 1238, issued June 17, 2026, to make digital payments fairer, more transparent, and more affordable.
The policy requires fees for cross-institution transfers—between banks, e-wallets, and payment providers—to be comparable to rates charged within the same service. Since internal transfers are often free, any extra cost should only cover fees paid to the network operator. Financial firms must also keep clear records showing how they calculate their costs, which the BSP may review during inspections.
BSP Governor Eli Remolona noted that lower fees will encourage wider use of digital payments, helping both ordinary Filipinos and businesses while making the whole payment system more efficient. The move responds to a late-2025 survey showing that one in three users sees high charges as a top reason for not using digital services more often.
The circular updates two existing frameworks to expand the digital payments ecosystem. It also eases requirements for micro-enterprises like sari-sari stores, allowing them to open accounts using just their National ID or other valid documents. This change makes it easier for small businesses to accept cashless payments and access formal financial services.
