The Bangko Sentral ng Pilipinas (BSP) is exploring the removal of transaction fees for personal electronic fund transfers (EFTs) and payments to small businesses. The proposed changes are part of a circular from the BSP, which aims to update the rules around payment fees.
If approved, this change would affect services like InstaPay and PESONet, which currently charge fees even for transfers within the same bank. The BSP’s goal is to make online payments more affordable, especially for individuals and small businesses with monthly sales under P250,000.
Under the proposal, personal transactions, defined as those used for family or household purposes, would have no fees for up to 10 transfers per week. Payment service providers (PSPs) will have until April 1, 2025, to implement the changes. However, the BSP also plans to allow fee increases for these services once the moratorium on such changes is lifted.
If this proposal is approved, Filipinos will be able to save on fees when making transfers, making digital payments more accessible and convenient.