The Bangko Sentral ng Pilipinas (BSP) welcomed the decision of several banks to reduce or waive interbank digital transfer fees, saying the move will make electronic fund transfers more affordable and accessible for Filipinos.
The initiative supports the BSP's push for affordable, convenient, and inclusive digital payments. It also follows BSP Circular No. 1238, issued last month, which directs banks to bring interbank transfer fees closer to zero. The circular also requires banks to justify their fees through cost analyses when requested.
BSP Governor Eli M. Remolona Jr. said lower transaction costs could encourage more people to use digital payments and strengthen the country's payment system.
"The value of the payment system rises when more people can use it. That's what's called network externalities. For this, interoperability is essential, but the entry fee should also be low. If it can be zero, even better," Remolona said.
BSP Deputy Governor Mamerto E. Tangonan said lower transfer fees also support the continued growth of the country's digital economy.
The BSP said it will continue working with banks and other stakeholders to build a digital payments ecosystem that is low-cost, reliable, and widely accessible for consumers, businesses, and the broader economy.
The central bank also expressed hope that the banking industry will introduce more initiatives to make digital financial services more affordable, convenient, and accessible for all Filipinos. PR
