The Bangko Sentral ng Pilipinas (BSP) has welcomed the decision of several financial institutions to lower or remove fees for retail fund transfers, citing its potential to support the digital economy by improving the country's payments system.
BSP Governor Eli M. Remolona, Jr. stated that the value of the payments system increases when more people use it, emphasizing the importance of interoperability and low entry fees for its growth. He expressed support for the institutions' move, which can widen electronic payments adoption and align with the BSP's push for affordable, convenient, and inclusive digital payments.
BSP Deputy Governor Mamerto E. Tangonan highlighted that lower transaction costs support the Philippine digital economy's continued expansion. The central bank remains committed to working closely with the banking industry and other stakeholders to foster a low-cost, reliable, and widely accessible digital payments ecosystem that serves the needs of consumers, businesses, and the broader economy.
In line with this goal, BSP Circular No. 1238, issued last month, directed banks to bring interbank transfer fees closer to zero, with the only allowable difference being the switch cost. The new rules, which took effect on July 4, also require banks to be prepared to justify their fees with cost analyses if asked.
Philippine National Bank (PNB) has joined other banks in permanently waiving its fees for domestic electronic interbank transfers to comply with the new BSP rules. Starting from Friday, July 10, all transfers made via PNB's digital banking application to other banks and electronic wallets via InstaPay or PESONet will be free.
PNB President and Chief Executive Officer Edwin R. Bautista emphasized that waiving transfer fees is one way to make banking more convenient and help more Filipinos move their money with greater ease and confidence. The bank's decision to offer free transfers is expected to benefit over 1.6 million users of its app, aligning with its focus on removing everyday friction and delivering solutions that create real value for its customers.
The BSP looks forward to further industry initiatives that will make digital financial services more affordable, convenient, and accessible for all Filipinos. The central bank remains committed to its goal of fostering a low-cost, reliable, and widely accessible digital payments ecosystem that serves the needs of consumers, businesses, and the broader economy.
