Manila: More banks are expected to waive or lower transfer fees for transactions with other financial institutions, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said Friday. "In about two days, we expect more banks to follow," he told journalists in an interview.
According to Philippines News Agency, earlier this week, Ayala-led Bank of the Philippine Islands (BPI) announced that it would waive fees for fund transfers to other banks and electronic wallets via InstaPay and PESONet made through its digital platforms, including the BPI app, Vybe, BizKo, and its subsidiary, BanKO. The bank stated that the move supports BSP's financial inclusion initiative by providing reasonable and fair market-based pricing for person-to-person electronic fund transfers.
Additionally, Rizal Commercial Banking Corporation announced earlier Friday that it would waive InstaPay fees for transactions made through its digital banking applications starting July 4. Governor Remolona emphasized the importance of these developments for the country's payment system, highlighting that it offers consumers more options.
He stated, "Ang tawag doon network externalities. Kung maraming kasama, mas maganda. So the entry fee, mababa. Kung puwede zero, mabuti (That is what you call network externalities. If there are more participants, better. So the entry fee will be low. If it can be zero, better)."
