Philippines Department of Finance welcomes RCBC move toward free transfer fees and says private banks are following government-led fee cuts

The Philippines Department of Finance issued a statement welcoming RCBC’s move toward making transfer fees free, presenting it as a further step in lowering the cost of digital financial services for consumers. It linked the development to the government’s earlier push to reduce digital transaction fees through LandBank under a directive from President Ferdinand R. Marcos Jr. The department said two major private banks have now followed the government’s lead, which it described as evidence that public action can trigger broader market changes. It added that it wants all digital transactions to become free, which would make digital payments cheaper, faster and more convenient for Filipinos.