Banks cut interbank transfer fees; BSP welcomes move to make digital payments more affordable

THE Bangko Sentral ng Pilipinas (BSP) welcomes the decision of several banks to reduce or waive interbank digital transaction fees, making electronic fund transfers more affordable and accessible for Filipinos.

The move supports the BSP’s long-standing objective of promoting affordable, convenient, and inclusive digital payments. It follows BSP Circular No. 1238, issued last month, directing banks to bring interbank transfer fees closer to zero. Banks must also be ready to justify their fees with cost analyses if asked.

BSP Governor Eli M. Remolona, Jr. said lower transaction costs can help accelerate the adoption of digital payments and enhance the value of the payment system as a whole.

“The value of payments system rises when more people are able to 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,” Governor Remolona said.

The BSP remains committed to working closely with the banking industry and other stakeholders to foster a low-cost, reliable, and widely accessible digital payments ecosystem that serves the needs of consumers, businesses, and the broader economy.

BSP Deputy Governor Mamerto E. Tangonan emphasized that lower transaction costs support the continued growth of the country’s digital economy.

The BSP looks forward to further industry initiatives that will make digital financial services more affordable, convenient, and accessible for all Filipinos.