Several Philippine banks and digital wallets have reduced or waived fees for InstaPay and PESONet transfers, responding to new pricing rules from the Bangko Sentral ng Pilipinas (BSP), according to Philstar Biz. The changes aim to lower the cost of digital payments and encourage wider adoption of cashless transactions.
Banks such as BDO, Metrobank, BPI, and LandBank, along with e-wallets GCash and Maya, have either slashed transfer fees to as low as PHP 5 per transaction or waived them entirely for certain account types and transaction sizes. The adjustments cover both InstaPay, which enables real-time transfers, and PESONet, which settles in batches.
The BSP’s updated pricing framework aims to reduce costs and promote competition, with the central bank expecting more institutions to follow suit. For consumers, the fee cuts mean cheaper digital fund transfers, a move that aligns with the national goal of increasing financial inclusion and reducing reliance on cash.