The Central Bank of the Philippines welcomed several banks’ decisions to cut or waive interbank digital transaction fees. The move follows Circular No. 1238, which pushes banks to bring transfer fees closer to zero and requires them to justify fees with cost analyses if asked.
The Central Bank of the Philippines has welcomed moves by several banks to reduce or waive interbank digital transaction fees, framing the step as an advance in its push to make electronic fund transfers more affordable and accessible. The announcement follows Circular No. 1238, issued last month, which directs banks to bring interbank transfer fees closer to zero.
Under that circular, banks must also be prepared to justify their fees through cost analyses if requested. The central bank linked lower fees to wider use of digital payments and broader payment system benefits, while also tying cheaper transfers to continued growth in the country’s digital economy.
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