Weak Q1 expansion of only 2.8% forces government to lower full year target, with officials banking on stronger infrastructure spending and easing inflation to lift growth in the second half.
Banks earn from deposits while e-wallets cannot, which makes fees more material.
The move removes InstaPay and PESONet fees for millions of users and raises questions on how banks will price digital transactions moving forward.
BSP will transition to phishing-resistant authentication methods instead.
Digital banking transactions in the Philippines face new fee structures.
Higher interest rates push up loans, credit cards, and business financing as inflation pressures persist.
Bangko Sentral ng Pilipinas says external debt remains manageable as reserves stay strong at over $106 billion, covering short-term obligations more than four times over.
Cash inflows still posted annual growth, but month-on-month dip signals softer pace after strong early-year run.
Food, housing, and transport costs showed signs of slowing, though rising core inflation suggests many households are still struggling.
Companies may receive tax incentives for matching employee contributions under BSP-supported initiative.
