Nearly eight in 10 Filipino households are using digital banking services or e-wallets, a figure Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said is expected to rise further as more banks lower or eliminate online fund transfer fees.
In an interview on #TheSpokes aired on the Bilyonaryo News Channel, Remolona said the central bank’s push to expand digital financial services has helped bring more Filipinos into the formal banking system.
“The last time I looked it was close to 80 percent,” Remolona said.
He said the adoption rate is likely to continue increasing as digital financial services become more accessible.
“Yes, I think digitalization is very helpful. Not just for efficiency of payments, but it’s also helpful for financial health,” he said.
Remolona said reducing the cost of online fund transfers through InstaPay and PESONet would further encourage Filipinos to open and use financial accounts.
“It lowers the cost of people becoming part of the banking system,” he said.
The BSP’s Circular No. 1238, which took effect on July 4, requires electronic transaction fees to be reasonable, cost-based and transparent. It also prohibits fees on small-value merchant payments made through the national QR Ph standard.
Several lenders have since removed fees for online fund transfers, including Bank of the Philippine Islands, Rizal Commercial Banking Corp., Union Bank of the Philippines and state-owned Land Bank of the Philippines. Philippine Bank of Communications, along with mobile wallet operators GCash and Maya, reduced their transfer fees to ₱10 from ₱15.
“Malaking bagay yan. Hindi pa naman lahat, but I think it’s going to happen. Karamihan ng bangko,” Remolona said.
