The Bangko Sentral ng Pilipinas (BSP) is driving efforts to make digital payments more affordable by encouraging banks and e-wallets to lower or waive online transfer fees, aiming to increase financial inclusion and digital transaction adoption.
BSP Deputy Governor Mamerto Tangonan said the initiative builds on years of payment system reforms, including the rollout of PESONet, InstaPay, QR Ph, and PhilPaSSplus, to raise digital retail payments to 60–70 percent by 2028.
Through Circular 1238, the BSP requires that fees for interbank transfers remain reasonable and not significantly higher than transfers within the same institution, except for actual processing costs.
The central bank said lower fees are expected to encourage more consumers and small businesses to use digital payments while prompting financial institutions to expand services such as savings, loans, insurance, and investment products.
The BSP believes increased transaction volumes will reduce operating costs over time, creating a sustainable cycle of lower fees, wider financial access, and stronger digital payment adoption.
Source: PhilNews24 | July 21, 2026
