Manila: The Bangko Sentral ng Pilipinas (BSP) has announced the lifting of the moratorium on increases in InstaPay and PESONet transaction fees, with new regulations aimed at ensuring that electronic payment charges are both fair and transparent.
According to Philippines News Agency, the BSP issued Memorandum No. M-2026-025 on June 17, following a resolution by the Monetary Board on June 4, which approved the end of the moratorium on fee increases for InstaPay and PESONet transactions. This change will coincide with the implementation of BSP Circular No. 1238, which also introduces amendments to existing frameworks governing the National Retail Payment System and Merchant Payment Acceptance Activities.
The BSP emphasized that the decision to lift the moratorium is based on implementing zero fees for small merchant payments and establishing a pricing structure for person-to-person electronic fund transfers. This aims to reduce fees and provide guidelines for responsible pricing and market conduct. The central bank highlighted that this move aligns with its broader policy goals of promoting digital payments, financial inclusion, and innovation while maintaining consumer protection and regulatory oversight.
The circular mandates that BSP-supervised financial institutions (BSFIs) adopt market-based pricing mechanisms that are reasonable and fair. The BSP aims to ensure that electronic payment service fees reflect the actual cost of providing these services and that digital payment channels offer lower fees than manual or over-the-counter transactions due to their efficiency.
The BSP also reiterated the requirement for BSFIs to disclose electronic payment service fees as per Memorandum No. M-2018-013. Institutions may need to provide additional documentation to justify their pricing mechanisms if fees are found to be unreasonable upon review.
Finance Secretary Frederick Go expressed his support for further reductions in digital transaction costs, noting his concern over high transaction fees. He is engaging with industry stakeholders to explore ways to lower costs, emphasizing that digital payments should be fast, secure, convenient, and affordable for consumers.
