They have made changes following the said directive aimed at making digital transactions more affordable.
Last June 17, the Bangko Sentral ng Pilipinas (BSP) issued Circular No. 1238, which declared that fees for person-to-person e-payments across banks, e-wallet operators, and other payment service providers (PSPs) should not be “materially different” from fees within the same institution.
The move is part of its campaign for fair and transparent fees in digital transactions by introducing measures to lower interbank fees.
BSP Governor Eli Remolona, Jr. said, “Lower fees will encourage more Filipinos and businesses to use and benefit from digital transactions.“
Through the same directive, BSP-supervised financial institutions are also required to be prepared to show how they compute their costs.
The BSP told that with transfers within one bank or e-wallet are often free, any difference in pricing should “mainly reflect fees paid to the network switch operator.”
It also added that financial institutions must now have an analysis of their costs for delivering electronic payment products and services — noting the central bank may require this in the conduct of its oversight activities.
According to the Bangko Sentral, the circular also addresses findings from its Consumer Expectations Survey in Q4 2025, where one in three Filipino consumers consider high fees as the number one barrier to using digital payments more frequently.
Hence, this circular amended the pricing of digital transaction fees under the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities (RFMPAA).
Meanwhile, another amendment made to the said framework is the expansion of transaction points where users can make digital payments.
Under the circular, micro businesses such as sari-sari stores will also be allowed to open an account using the National ID or any official document — encouraging them to accept digital payments and avail of other financial services.
“The BSP sees this as a step toward making digital transactions even more mainstream. At the same time, greater adoption can help improve efficiency across the payments system, reducing costs for everyone,” added Remolona.
BANKS WAIVE, REDUCE INTERBANK CHARGES
In response to that, several banks have already announced the waiving or the reduction in their interbank charges.
Fund transfers from the Bank of the Philippine Islands (BPI) to other banks and e-wallets via InstaPay and PESONet on the BPI, Vybe and BizKo apps, online banking, and its subsidiary BanKo are permanently free effective July 1.
It noted that the waived fees apply to transactions of all existing BPI mobile app users such as both active and inactive customers clients under BPI Preferred, BPI Gold, BPI Private Wealth and verified Vybe users.
“We expect this to drive more frequent use of digital transfers as customers no longer have to factor in per-transaction costs. It simplifies everyday payments and makes the BPI app an even more practical tool for managing finances,” said BPI President and CEO Jose Teodoro Limcaoco.
Following that, the Rizal Comercial Banking Corporation (RCBC) also announced that its customers can enjoy PHP0 InstaPay fees whenever they send money to other local banks through RCBC Pulz starting July 4.
However, it is only applicable to the first 30 InstaPay transfers per month with a minimum transfer amount of PHP100.
Meanwhile, online payments platforms GCash and Maya have also lowered their online transfer fees to other banks via InstaPay to just PHP10 per transaction.
MALACAÑANG REACTS
Meanwhile, during a Palace press briefing last Tuesday, June 30, Presidential Communications Office (PCO) Undersecretary and Palace Press Officer Claire Castro welcomed the move.
“Magandang balita ito para sa ating mga kababayan na madalas gumamit ng online transfers dahil mas makakatipid sila sa kanilang mga transactions,” she said.
LANDBANK’S CONVENIENCE FEES
Meanwhilez the government-owned Landbank had also waived convenience fees for online government payments made through QR Ph beginning June 1 until December 31, 2026.
QRPh is the national quick response code standard and aims to enable instant, secure fund transfers and fee-free government transactions through a QR code-based digital transaction system.