Lenders waive online transfer fees 

Over a dozen banks will continue to waive interbank online transaction fees, according to the list released by the Bangko Sentral ng Pilipinas (BSP), according to a report by GMA News.

In an advisory, the BSP said the following banks will waive PESONet fees:

Until March 31, 2022

Development Bank of the Philippines (over-the-counter)
East West Rural Bank
Equicom Savings Bank (retail clients)

Until April 30, 2022

Country Builders Bank

Until July 22, 2022

Rural Bank of Guinobatan

Until December 31, 2022

Bank of China
CIMB Bank Philippines
East West Bank
HSBC (retail clients)
HSBC Savings Bank (retail banks)
ING Bank, N.V.
Philippine Business Bank, Inc.
Tonik Digital Bank, Inc.
Union Bank (retail clients)

Meanwhile, the following firms waived InstaPay fees:

Until March 31, 2022

East West Rural Bank
GrabPay
Equicom Savings Bank (retail clients)

Until July 22, 2022

Rural Bank of Guinobatan

Until December 31, 2022

ING Bank, N.V.

 

The BSP launched InstaPay in April 2018, an electronic fund transfer (EFT) payment system that enables individuals to wire funds across banks in real-time.

PESONet was launched in 2017, enabling the government, businesses, and individuals to initiate electronic fund transfers and recurring payments in financial institutions supervised by the central bank on the same banking day.

BSP Governor Benjamin Diokno earlier said he wants at least half of all Philippine transactions done digitally by the end of his term in 2023.