The Bangko Sentral ng Pilipinas (BSP) welcomes the decision of several banks to reduce or waive interbank digital transaction fees, making electronic fund transfers more affordable and accessible for Filipinos.

The move supports the BSP’s long-standing objective of promoting affordable, convenient, and inclusive digital payments. It follows BSP Circular No. 1238, issued last month, directing banks to bring interbank transfer fees closer to zero. Banks must also be ready to justify their fees with cost analyses if asked.

Recently, the Bank of the Philippine Islands waived all fees for InstaPay and PESONet fund transfers. Land Bank of the Philippines waived retail transfer fees for clients. Digital platforms such as GCash and Maya have similarly cut their InstaPay transfer fees from P15 to P10.

BSP Governor Eli Remolona, Jr. said lower transaction costs can help accelerate the adoption of digital payments and enhance the value of the payment system as a whole.

“The value of payments system rises when more people are able to use it. That’s what’s called network externalities. For this, interoperability is essential, but the entry fee should also be low. If it can be zero, even better,” Remolona said.

BSP Deputy Governor Mamerto Tangonan emphasized that lower transaction costs support the continued growth of the country’s digital economy. BSP-PHS