Malacañang has called on more banks to eliminate digital fund transfer fees after the Land Bank of the Philippines, the Bank of the Philippine Islands, and Rizal Commercial Banking Corp. waived charges for certain electronic transactions.
Palace Press Officer Claire Castro said LandBank’s move follows President Ferdinand Marcos Jr.’s directive to ease financial burdens on the public and expressed hope that other banks would follow suit.
The appeal aligns with the Bangko Sentral ng Pilipinas’ efforts to lower the cost of digital payments and promote greater financial inclusion.
Under BSP Circular 1238, banks and payment service providers must ensure that interbank transfer fees are not significantly higher than those for transfers within the same institution.
The BSP said lower transaction costs are expected to encourage wider use of digital payments while improving the efficiency of the country’s payment system.
Source: PhilNews24 | July 7, 2026
