#bsp waive fees for small transactions

The Bangko Sentral ng Pilipinas (BSP) has said that it wants banks to remove fees incurred from small bank-to-bank transactions, as a means to encourage more users to transition to online payment methods and digital banking. Medalla said that the Php 15 to Php 20 fees that are normally added on top of a specific bank transaction may "discourage the use of digital payments for small transactions." Digital bank transfers usually make use of Electronic Fund Transfers or EFTs, which allow users to transfer money to another bank or e-wallet from just their smartphone. BSP Governor Medalla said that the fees for small transactions act as "second or third payments" on top of each transaction that a person is already making. In any case, we do hope banks are able to offer fund transfers with smaller (if not completely without) bank transfer fees and we're happy that the BSP itself is taking steps to encourage more people to use digital payment systems. 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. 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. Read more in our articles including "BSP wants bank fees for small transactions removed" and "Banks, e-wallets face new BSP rules on digital payment fees".