Acting Finance Secretary Frederick Go has welcomed the Bank of the Philippine Islands’ decision to remove transfer fees for InstaPay and PESONet transactions, saying the move will help Filipinos save more and encourage wider use of cashless payment services.
At a Palace press briefing on Tuesday, Presidential Communications Office Undersecretary and Palace Press Officer Claire Castro said BPI’s decision is good news for digital banking users, especially those who frequently make online fund transfers.
“Magandang balita ito para sa ating mga kababayan na madalas gumamit ng online transfers dahil mas makakatipid sila sa kanilang mga transactions. Mabilis, madali, at ngayon, dahil sa hakbang ng BPI, wala nang bayad. Ito ang mga benepisyong dala ng online transfers,” Castro said.
Castro said BPI’s move aligns with the government’s broader push to make digital financial services more affordable and accessible to the public.
She cited LANDBANK’s earlier decision to waive convenience fees for online government payments made through QR Ph beginning June 1 until December 31, 2026.
QR Ph is the national QR code standard that allows instant and secure digital payments and fund transfers.
Castro said the removal of digital transaction fees by major financial institutions supports the administration’s goal of encouraging more Filipinos to use cashless payment services.