DIGITAL transactions continued to rise in the first five months of 2026 with money coursed through the country’s two major electronic fund transfer systems surpassing P13 trillion.
Bangko Sentral ng Pilipinas (BSP) data showed that combined transactions processed through InstaPay and PESONet reached P13.18 trillion in January to May, up 44.4 percent from the P9.13 trillion recorded in the same period a year ago.
The number of transactions surged 187.9 percent to 3.47 billion from 1.21 billion during the comparable period.
In May alone, the combined transaction value processed through the two automated clearing houses reached P2.79 trillion, a 3.6-percent increase from P2.70 trillion in April and a 41-percent jump from P1.98 trillion in May last year.
Transaction volume climbed to 761.4 million, up 9.4 percent from April’s 696.1 million and more than double the 369 million recorded in the same month last year.
The growth was largely driven by InstaPay, which continued to post significantly faster expansion than PESONet amid strong demand for real-time fund transfers.
InstaPay, the electronic fund transfer service that enables near-instant transfers between participating financial institutions, processed 750.8 million transactions worth P1.47 trillion in May.
For the January-to-May period, InstaPay handled 3.43 billion transactions valued at P6.56 trillion, higher than the 1.16 billion last year that were valued at P4.06 trillion.
PESONet, the electronic fund transfer system typically used for higher-value transactions by businesses, institutions and government agencies, maintained transaction values above the trillion-peso level despite a slight monthly slowdown.
It processed 10.61 million transactions amounting to P1.33 trillion in May. While value slipped 2.8 percent from April’s P1.37 trillion, it was 26.4 percent higher than the P1.05 trillion recorded in May 2025.
During the first five months of 2026, PESONet processed 52.55 million transactions worth P6.62 trillion. This is higher than the 46.65 million transactions, worth P5.06 trillion, made in the same period last year.
The central bank last week lifted a five-year freeze on digital transfer fees, allowing banks and other financial institutions to adjust charges for major electronic payment channels.
It followed the rollout of zero-fee payments for small merchant transactions and a new pricing framework for person-to-person transfers. The aim is to lower costs for smaller users while setting clearer fair pricing and market conduct rules.
The moratorium previously stopped direct clearing participants of InstaPay and PESONet from increasing fees as the central bank pushed for the wider use of digital payments.
With the policy shift, the BSP said it wanted a more flexible and sustainable pricing system that would still ensure strong oversight and consumer protection.
NIÑA MYKA PAULINE ARCEO
