The Bangko Sentral ng Pilipinas (BSP) has introduced new rules aimed at making electronic payment fees fairer and more transparent, while also lifting the moratorium on increases in InstaPay and PESONet transaction charges.
In Memorandum No. M-2026-025 issued on June 17, the BSP announced that the Monetary Board approved the lifting of the fee increase moratorium for InstaPay and PESONet transactions. The move will take effect alongside BSP Circular No. 1238, which updates the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities.
According to the BSP, the decision follows the implementation of zero fees for small merchant payments and the establishment of a pricing framework for person-to-person electronic fund transfers.
Under the new rules, BSP-supervised financial institutions (BSFIs) must adopt pricing mechanisms that are reasonable, fair, and based on market conditions. The BSP said fees should reflect the actual cost of providing electronic payment services and should remain fair across different groups of users.
The central bank also emphasized that digital payment fees are expected to be lower than charges for manual or over-the-counter transactions because electronic channels are generally more efficient and cost-effective to operate.
Financial institutions will continue to be required to disclose their electronic payment fees. The BSP may also require banks and payment providers to submit additional documents if their pricing schemes are found to be unreasonable during regulatory reviews.
The BSP said the new framework supports its broader goal of promoting digital payments, financial inclusion, and innovation while ensuring adequate consumer protection and regulatory oversight.
Finance Secretary Frederick Go also expressed support for lower digital transaction costs, noting that some transfer fees can still reach as high as PHP 50.
Go said discussions with industry stakeholders are ongoing to explore ways of reducing costs further, adding that consumers should ideally only shoulder switching fees associated with digital transactions.
The BSP said the updated rules aim to create a more sustainable pricing environment for digital payments while ensuring consumers continue to have access to fast, secure, convenient, and affordable electronic fund transfer services.
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