Major Philippine lenders are accelerating a shift toward low-cost or free digital fund transfers as new rules from the Bangko Sentral ng Pilipinas (BSP) push banks to align fees with actual processing costs. Finance Secretary Frederick Go said he is optimistic that almost all digital transactions, including interbank and intrabank movements, will eventually be free, following recent announcements from Bank of the Philippine Islands and Rizal Commercial Banking Corp.

BPI, controlled by the Ayala group, has permanently removed transfer fees for transactions made through InstaPay and PESONet on its digital channels starting July 1, 2026. RCBC is set to follow with a broader waiver of InstaPay charges via its Pulz mobile app beginning July 4, 2026. The Yuchengco-led bank said customers will be able to make up to 30 InstaPay transfers per month for free, with a minimum of P100 per transaction, after which a P10 fee will apply or for transfers below the threshold.

The fee cuts come as the BSP enforces a revamped pricing framework for electronic payments. Under Memorandum 2026-025, which implements Circular 1238, digital transaction fees must be based on actual processing expenses, remain lower than over-the-counter charges, and ensure that recipients receive the full amount sent. BSP Governor Eli Remolona Jr. said he expects more lenders to waive interbank fund transfer fees as the central bank limits the gap between intrabank and interbank pricing to the so-called “switch cost” — estimated at P1.50 per transaction — or the cost of routing payments through a network.

The new regime also follows the lifting of a moratorium on changes to InstaPay and PESONet fees and the rollout of zero-fee payments for small merchants, part of the regulator’s broader effort to promote fair and transparent electronic payment pricing. InstaPay, launched by the BSP in 2018, enables real-time fund transfers across banks and electronic money issuers and has become a key rail for the country’s rapidly expanding digital payments market. As banks trim fees and layer on app-specific incentives, competition with rival lenders and financial technology firms is intensifying, reinforcing the government’s push to steer more transactions away from cash and into formal, digital channels.

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