MALACAÑANG on Monday urged banks to waive fund transfer and convenience fees to further ease the financial burden of Filipinos.
Presidential Communications Office (PCO) Undersecretary Claire Castro issued the statement to echo calls to reduce or scrap online transaction fees of banks in support of the government’s push towards a more accessible and inclusive digital economy.
“This is also in line with the president’s preference,” Castro said in Filipino in a press briefing.
The Bank of the Philippine Islands (BPI) has permanently waived all fees for interbank fund transfers, including InstaPay and PESONet, effective July 1, while Rizal Commercial Banking Corp. (RCBC) also waived its InstaPay fees for the first 30 transactions per month, subject to a minimum amount of P100 per transaction.
Government-owned Land Bank of the Philippines (LandBank) will implement zero fees on eligible person-to-government (P2G) transactions made via QRPh until Dec. 31, 2026.
“As we mentioned, LandBank initiated this. So, we would certainly prefer for all other banks to follow suit and emulate LandBank’s initiative in order to help our fellow citizens,” Castro said.
Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. had expected more banks to follow suit in waiving interbank fund transfer fees in the coming days.
