The Bangko Sentral ng Pilipinas (BSP) has welcomed the decision by several banks to reduce or remove fees for interbank digital transfers, making electronic fund transfers more affordable and easier to use for Filipinos.
This action aligns with BSP Circular No. 1238 issued last month, which instructed banks to bring these fees as close to zero as possible. Under the rule, banks must also provide cost breakdowns to explain their fees if requested by the central bank.
BSP Governor Eli M. Remolona, Jr. noted that lower costs will speed up the shift to digital payments and boost the overall value of the country’s payment system. “A payment system becomes more valuable when more people use it. Interoperability is key, but low or even zero entry fees are also needed to make this happen,” he explained.
Deputy Governor Mamerto E. Tangonan added that cheaper transactions will help sustain the expansion of the Philippines’ digital economy.
The BSP said it will continue collaborating with banks and other partners to build a low-cost, reliable digital payments system that works for consumers, businesses, and the whole nation, and looks forward to more industry efforts to make financial services accessible to all Filipinos.
