FinTech Alliance PH has welcomed clarification from the Bangko Sentral ng Pilipinas (BSP) regarding Circular No. 1238, saying the update brings much-needed regulatory certainty to the digital financial services sector and aligns with shared goals of making digital payments affordable, secure, and sustainable.
Following productive talks between BSP Monetary Board members and alliance representatives, the central bank confirmed the circular sets out cost-based fair pricing guidelines and does not impose a requirement to scrap all fees. The BSP made clear that financial institutions and payment service providers are not required to remove electronic fund transfer fees entirely, nor are off-network person-to-person transfer charges limited strictly to technical switch costs. It also noted that Frequently Asked Question No. 7 should not be treated as a rigid rule allowing only switch-cost pricing.
FinTech Alliance PH founding chairman Lito Villanueva expressed gratitude for the clarification, stating it confirms no mandate for zero fees and supports a balanced approach. He added that while keeping services affordable remains key to expanding access to financial tools, this must be paired with safe, dependable, and sustainable systems. The Alliance explained the clarified rules create a fair environment that protects consumers while letting banks, e-money issuers, digital banks, fintech firms, and payment providers continue investing in stronger payment infrastructure, cybersecurity, new services, and better customer support. It stressed that wider access and greater affordability are best achieved through viable business models that encourage ongoing investment in secure, connected, and reliable digital financial services. The group also reaffirmed its commitment to working closely with the BSP and all industry partners to speed up digital payment use, improve the country’s digital financial network, and help more Filipinos gain access to safe, inclusive, and sustainable financial services.
FinTech Alliance PH is the country’s leading industry association for digital finance, bringing together fintech companies, payment service providers, banks, and technology partners. Its more than 170 corporate members account for around 95 percent of all retail digital financial transactions in the Philippines, making it a key voice for financial inclusion and innovation. The Alliance recently hosted the ASEAN Tech Summit Manila, which drew over 5,600 senior leaders from more than 30 countries.
