The Bangko Sentral ng Pilipinas (BSP) has directed banks and electronic wallet providers to explain the fees they impose on digital fund transfers following the implementation of BSP Circular No. 1238, which took effect on July 4.
The circular requires financial institutions to ensure that fees for electronic payment services are reasonable, transparent, and commensurate with the actual cost of providing the service, while promoting fair pricing for consumers. BSP Deputy Governor Mamerto Tangonan said the central bank is reviewing the pricing structures of financial institutions to ensure compliance with the new rules.
The move comes as several banks have begun waiving transfer fees in line with the BSP's policy. The central bank said it expects more financial institutions to align with the new framework, which seeks to strengthen consumer protection, promote wider adoption of digital payments, and support the country's transition toward a more inclusive cashless economy.
