Manila: Malaca±ang on Monday expressed hope that more banks will soon waive digital fund transfer fees, saying lower transaction costs would help ease the financial burden on ordinary Filipinos and support the country's shift toward a more inclusive digital economy. Palace Press Officer Claire Castro said President Ferdinand R. Marcos Jr. supports efforts to reduce or eliminate fees for online banking transactions, following moves by several major financial institutions to offer free fund transfers.

According to Philippines News Agency, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. earlier said more banks are expected to waive or lower digital transfer fees. This comes as the Bank of the Philippine Islands (BPI) announced the removal of transfer fees for InstaPay and PESONet transactions conducted through its digital platforms. Meanwhile, Rizal Commercial Banking Corporation (RCBC) began offering free InstaPay transfers for qualified transactions.

Government-owned Land Bank of the Philippines has previously waived transfer fees for online transactions for a limited number of times per day and waived convenience fees for government payments using QR Ph until December 2026. Castro emphasized the administration's stance, noting the initiative's alignment with the President's preferences and the positive precedent set by financial institutions like LandBank, BPI, and RCBC.

Asked whether Malaca±ang would encourage more banks to adopt zero-fee transfers, Castro said the administration hopes other financial institutions would emulate LandBank. 'Katulad ng sinabi natin, pinasimulan po ng LandBank, so mas nanaisin po natin na lahat po sana ng bangko ay gayahin na rin po ang pinasimulan ng LandBank, para po makatulong sa ating mga kababayan (As we have said, LandBank started this initiative, so we hope all banks will follow what LandBank has begun in order to help our fellow Filipinos),' she said.