In response to the central bank’s appeal, four major banks, including the government-owned Land Bank of the Philippines (Landbank), have taken significant steps to promote cashless payments and financial inclusion.
Landbank, in particular, has waived fees for online transfers under P1,000 via InstaPay and PESONet, while also reducing interbank fund transfer fees above P1,000 to a fixed P15 fee.
This move is part of Landbank’s commitment to support cashless payments and provide a special Christmas season gift to its customers.
Additionally, Landbank’s waived transfer fee applies to the first three online fund transfers and transactions in a day through its Landbank Mobile Banking App (MBA) and the iAccess online retail banking channel.
This initiative aligns with the Bangko Sentral ng Pilipinas’ (BSP) call to reduce fees on small online transactions, and Landbank joins other major institutions like Bank of the Philippine Islands, Metropolitan Bank and Trust Co., and Union Bank of the Philippines in taking this step.
Furthermore, the BSP is in discussions with non-bank digital payment providers such as GCash and Maya, demonstrating a collective effort to encourage cashless payments and improve financial accessibility in the Philippines.
