Sending money through InstaPay or PESONet could soon cost more for some Filipinos after the Bangko Sentral ng Pilipinas (BSP) lifted a moratorium on transaction fee increases.
The Monetary Board approved the move on June 4, according to a memorandum issued on June 17.
The BSP said the decision was made possible by the introduction of zero fees for small merchant payments and a new pricing structure for person-to-person fund transfers.
“The lifting of the moratorium is grounded in the implementation of zero fees for small merchant payments, and the establishment of a pricing structure for person-to-person electronic fund transfers,” the central bank said, adding that the framework aims to lower costs for individuals while setting “parameters for responsible pricing and market conduct.”
Under the new rules, BSP-supervised financial institutions must adopt market-based pricing mechanisms, with charges reflecting the actual cost of providing services.
The central bank said digital transactions should still remain cheaper than manual or over-the-counter payments because electronic channels are more efficient.
Banks and payment firms will continue to disclose their fees under a 2018 BSP memorandum and could be asked to explain charges that regulators consider excessive.
Finance Secretary Frederick Go said transaction fees in the Philippines remain higher than they should be.
“Here in the Philippines, I get upset when I see that the transaction cost can go as high as P50. But I think the normal is between P10 to P20,” Go said during a briefing.
Go said consumers should ideally pay only switching fees, adding: “Digital payment should be fast, secure, convenient, and affordable.”
