MANILA, Philippines – The Bank of the Philippine Islands (BPI) announced on Monday, June 2, that it will keep its transfer fees at P10 due to strong customer demand.
BPI first reduced its InstaPay interbank transfer fee to P10 from P25 in March to entice more customers to switch to digital banking. The promotional rate was initially supposed to end on Saturday, May 31.
BPI consumer banking head Cristina Go said the permanent reduction is the bank’s way of supporting greater financial inclusion and encouraging more Filipinos to utilize digital banking.
“The response to our promotion reducing Instapay fee to P10 last March was very positive, as we experienced increased transactions through our online and mobile banking channels,” she said.
The Bangko Sentral ng Pilipinas (BSP) in October 2024 released a draft circular removing transaction fees for personal fund transfers within a certain threshold and payments to micro, small and medium enterprises.
BSP Deputy Governor Mamerto Tangonan earlier said some banks requested for two years to implement the policy in order to give their business models some time to adapt. – Rappler.com