El año pasado, el Bangko Sentral ng Pilipinas (BSP) impulsó la eliminación de las tarifas acumuladas en las transferencias entre bancos pequeños.
Ahora, en un nuevo borrador de circular, el BSP está buscando comentarios de las partes interesadas sobre un plan para hacer que los depósitos electrónicos entre personas y los pagos de comerciantes pequeños sean completamente gratuitos.
If approved, the new rules would take effect on April 1, 2025. Financial institutions under the BSP’s supervision are given until October 11th to submit their comments.
The BSP's move comes as part of its broader efforts to encourage Filipinos to adopt digital payment methods and reduce reliance on cash.
The BSP has already seen significant progress in this area, with the share of digital payments in total retail transactions increasing to 52.8% in 2023 from 42.1% in 2022.
Current InstaPay fees for individual transactions range from as low as Php8 up to Php75, while PESONet transfers could cost between Php8 and Php600 for consumers.
Under the draft circular, the waived fees will apply to personal transactions that fall within the “threshold” set by the BSP.
While the central bank yet to specify the exact maximum amounts, it has indicated that personal fund transfers should not exceed 10 times a week.
In addition to personal transactions, the BSP also proposes to waive fees for small businesses with monthly aggregate gross receipts not exceeding Php250,000.
Larger businesses would still be required to pay fees, but the BSP would encourage them to adopt "reasonable and fair market-based pricing models.”
GCash is one of the worst offenders of this. All of their transactions have charges, grabe lang.