State-run Development Bank of the Philippines (DBP) will scrap InstaPay transfer fees from Aug. 15, joining a growing number of banks waiving digital payment charges following a regulatory push to bring transaction costs closer to zero.
All InstaPay transfers made through the DBP OnE platform will be free starting that date, the lender said in a client advisory.
“This initiative is in support of the Department of Finance (DOF) in providing more accessible and affordable digital payments.
With free transfer fees, DBP attests to its mandate of bringing financial inclusivity to every Filipino,” DBP said.
The move follows the Bangko Sentral ng Pilipinas’ issuance of Circular No. 1238 in June, which introduced rules aimed at lowering interbank fund transfer fees.
Under the circular, banks must be prepared to justify their transfer fees through cost analyses if required by the central bank.
DBP is the latest lender to waive digital transfer charges as banks respond to the government’s drive to make electronic payments cheaper and more accessible.
The state-owned lender had P1.04 trillion in assets as of end-March, making it the country’s 10th-largest bank by assets, according to central bank data.
