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Philippines' BSP Orders Banks, E-Wallets to Cut Transfer Fees by July 4

GateNews
According to Bangko Sentral ng Pilipinas Deputy Governor Mamerto Tangonan, banks, e-wallet operators, and other supervised financial institutions must comply with new digital transfer fee rules by July 4. Under Circular No. 1238, institutions must adopt a "reasonable and fair market-based pricing mechanism." The key rule: if same-bank transfers are free, transfers between different banks should cost only the switch fee—approximately P1.50 for InstaPay transactions. Institutions failing to comply face enforcement action, Tangonan warned. Several banks, including Landbank, BPI, and RCBC, have already lowered or eliminated fees. The regulation covers traditional banks and BSP-supervised payment providers like GCash and Maya.
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