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
Converge Information and Communications Technology Solutions Inc. reported a four percent increase in consolidated revenues to
Amihan Global Strategies Inc. is investing $1 million to establish an academy that will train Filipino
Shopee reported a more than 1.5-fold increase in affiliate-driven traffic and sales, highlighting the impact of
Mynt Inc., the operator of GCash, is seeking stronger earnings growth to recover from its weak
The United States Department of Agriculture (USDA) raised its forecast for Philippine dairy production this year