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The BSP has maintained the moratorium on InstaPay and PESONet fees, according to Monetary Board Resolution No. 1599 dated 7 December 2023. Under BSP Memorandum No. M-2021-071 dated 28 December 2021, financial institutions that participate in the InstaPay and PESONet automated clearing houses must not increase their current fund transfer fees. This is consistent with the BSP’s efforts to promote financial digitalization.
“The BSP encourages Filipinos to actively use their accounts for digital payments, savings, and investments. The central bank is working with the industry to bring more of our countrymen into the fold of the formal financial system,” BSP Governor Eli M. Remolona, Jr. said. Meanwhile, institutions planning to introduce fees for new fund transfer services shall apply for prior BSP approval. These fees must also be reported to the BSP 60 days before implementation. Moreover, a transfer fee that is currently waived may only be restored up to the amount reported to the BSP before the waiver. The Philippine Payments Management, Inc., the industry body that oversees the operation of PESONet and InstaPay, is tasked to monitor regulatory compliance of its members and promptly report any issues to the BSP for appropriate action. Non-compliant members shall be subject to the BSP’s supervisory and enforcement actions under the National Payment Systems Act and the New Central Bank Act, as amended. The BSP will also continue to work with the payments industry to lower or eliminate fees imposed on small electronic payments. “The reduction or removal of transfer fees for small e-payments supports our vision of digitalization and inclusivity. We are engaging the industry through dialogue to explore ways to reduce or completely eliminate fees for small-value transactions,” said Governor Remolona. Consequently, the moratorium on InstaPay and PESONet fees shall be lifted, subject to BSP review, when zero fees for small e-payment transactions have been implemented by the payments industry. This is consistent with the BSP’s commitment to achieve a cash-lite economy by fostering reasonable, competitive, and transparent pricing mechanisms, while advocating the reduction of digital payment fees, particularly for small e-payments. PESONet is a batch electronic funds transfer service that provides a viable alternative for checks and recurring payments. InstaPay is a real-time, low-value digital payments facility that substitutes for cash transactions.
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