The Philippines seeks to establish lower digital transaction fees

The fresh proposal no longer included the BSP’s explicit plan previously to eliminate the fees on small-value personal fund transfers. — Philippine Daily Inquirer

MANILA: The Bangko Sentral ng Pilipinas (BSP) wants financial institutions to establish a “market-based” and “fair” pricing mechanism for fees they collect on electronic fund transfers, in a bid to lower, if not eliminate, transaction costs for Filipinos.

The central bank is soliciting comments from stakeholders on a draft circular that would guide financial firms in adopting a pricing mechanism for fees on fund transfers, regardless of the size of the transaction.