The central bank is reviewing institutions that have yet to comply with its lower transfer fee policy as it pushes for more affordable digital payments and wider financial inclusion.
The Bangko Sentral ng Pilipinas is turning up the pressure on banks and e-wallet providers that have yet to comply with its order to lower fund transfer fees, bringing the country a step closer to cheaper digital payments.
The central bank is reviewing institutions that have yet to implement Circular 1238, which requires interbank transfer fees to match those charged for transfers within the same institution. Several of the country’s biggest digital payment players have already removed these fees, while the BSP has begun meeting with those that have not.
Lower transfer costs could mean more than just extra savings every time Filipinos send money. They can also make it easier for small businesses to accept digital payments, encourage more people to leave cash behind, and help bring more Filipinos into the formal financial system.
The BSP wants digital payments to account for 70% of all retail transactions by 2028, up from 57% at the end of 2024. It is also urging financial institutions to develop better savings, lending, insurance, and investment products instead of relying heavily on transfer fees.
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