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BSP asked to urge banks to lower digital payments, e-wallet fees

Angelica Y. Yang - Philstar.com
BSP
Sen. Grace Poe asked the Central Bank on Friday to urge banks and financial institutions to lower their digital payment and e-wallet fees amid the pandemic.
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MANILA, Philippines (Updated Feb. 21, 9:56 am) — Sen. Grace Poe on Friday has asked for the help of the Central Bank to urge banks to lower digital charges and e-wallet fees, citing that many Filipinos using these services have yet to find jobs amid the pandemic. 

"I am calling on the Bangko Sentral ng Pilipinas (BSP) to urge banks and other financial institutions to lower their charges for digital transactions as Filipinos are striving to endure the impacts of COVID-19," she said in a statement in Filipino posted on the Senate's website Friday. 

Poe leads the Senate committee on banks, financial institutions and currencies.

She said the COVID-19 outbreak has driven millions of Filipinos to use e-wallets and digital payments system, pushing the earnings of banks and financial institutions close to pre-pandemic levels.

"There are still many people who don't have work, and they are making sure that each peso they spend will help their families," Poe said

According to the lawmaker, lowering the transaction fees on these platforms will reduce expenses on the consumers' side, and encourage them to use more of the e-wallets' services. 

Late last year, BSP enforced a moratorium on the planned fee increases for electronic fund transfers of banks and financial institutions via InstaPay and PESONet until the share of digital payments to double transactions doubles to 40 percent. 

BSP Gov. Benjamin Diokno previously said the moratorium is expected to help the economy and sustain momentum in digital payments.  

READ: BSP holds off hike in InstaPay, PESONet transfer fees

The central bank made the announcement amid reports of some banks and financial institutions which hiked fees for electronic fund transfers that were initially waived during the height of the pandemic.

BANGKO SENTRAL NG PILIPINAS

BSP

COVID-19

DIGITAL PAYMENTS

GRACE POE

PANDEMIC

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