Malacañang on Monday welcomed the move of several banks to reduce or waive digital transaction fees, saying it hopes more financial institutions will follow to ease costs for Filipino consumers.
Palace Press Officer Claire Castro said President Ferdinand Marcos Jr. supports the recent decisions of the Bank of the Philippine Islands (BPI) and Rizal Commercial Banking Corp. (RCBC) to lower transaction costs, following an earlier move by the Land Bank of the hilippines.
“Si (Finance) Secretary Frederick Go bilang chairman of the board ng Landbank, sila po talaga ang nagpa-una sa pamamagitan po ng Landbank na ma-reduce ang transfer fees and to eliminate convenience fees for certain person to government transactions,” Castro said during a Palace briefing.
“At dahil po dito, nag-start po ang Landbank at sumunod na rin po ang BPI at ang RCBC. So ito po ay sang-ayon na rin po sa kagustuhan ng Pangulo,” she added.
Castro said the Palace hopes the trend will continue and encourage other banks and financial institutions to remove or reduce similar charges.
Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. earlier said more banks are expected to waive digital fund transfer fees in the coming days.
RCBC waived InstaPay fees for person-to-person fund transfers made through its Pulz and DiskarTech digital banking platforms starting July 4.
BPI, meanwhile, waived InstaPay and PESONet transfer fees beginning July 1.