Finance Secretary Frederick Go is pushing to reduce local digital bank transfer fees to as low as ₱2, citing the Philippines as having some of the highest transaction costs in the region.
He said the Department of Finance is working with banks, fintech firms, and the Bangko Sentral ng Pilipinas to make digital payments faster, more affordable, and interoperable.
Go cited Land Bank’s reduction of person-to-person transfer fees from ₱15 to ₱8 and its pilot of zero convenience fees for selected government transactions.
He also called for lower remittance costs for overseas Filipino workers, describing current fees as excessively high.
The proposed reforms aim to encourage wider use of digital payments and reduce financial costs for consumers.
Source: PhilNews24 | June 19, 2026
DOF PROPOSES SLASHING LOCAL BANK TRANSFER FEES TO ₱2
Latest from Business
Cebu Pacific posted a net loss of ₱5.87 billion in the first half of the year,
Global demand for Filipino virtual assistants (VAs) continued to grow in the second quarter of 2026,
Private-sector economists are divided on the Philippines’ July inflation outlook, with forecasts ranging from 6.2 percent
The Department of Agriculture (DA) has upgraded its digital surveillance system to strengthen monitoring of Philippine
Philippine Airlines (PAL) has increased its debut international bond offering by $50 million, raising a total