More lenders are poised to slash or entirely eliminate interbank transfer fees within days, according to Bangko Sentral ng Pilipinas (BSP) governor Eli Remolona Jr.
His remarks come on the heels of back-to-back decisions by two major domestic lenders to drop charges for retail electronic fund transfers.
“In about two days, we expect more banks to follow,” Remolona told reporters.
The momentum began earlier this week when Ayala-led Bank of the Philippine Islands (BPI) permanently waived all fees for outbound transfers to rival institutions and electronic wallets. The zero-fee policy applies to transfers sent via the real-time InstaPay and batch-cleared PESONet networks using BPI’s digital platforms, including its flagship app, Vybe, BizKo, and microfinance unit BanKO.
BPI noted that the pricing adjustment directly supports the central bank’s broader financial inclusion mandate by ensuring market-based, equitable pricing for retail electronic transfers.
Following BPI’s lead, Rizal Commercial Banking Corp. announced on Friday that it would also waive InstaPay transaction fees across its mobile banking applications starting Saturday, July 4.
Remolona said broader participation by banks would strengthen the country’s digital payments ecosystem by encouraging greater adoption.
“Ang tawag doon network externalities. Kung maraming kasama, mas maganda. So the entry fee, mababa. Kung puwede zero, mabuti,” Remolona said.
