The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, issued a moratorium on increases in InstaPay and PESONet fees for person-to-person fund transfers.
Banks and e-money issuers participating in InstaPay and PESONet, however, may waive or reduce their current fees, it said.
It said participating banks and EMIs whose transfer fees are currently waived may charge these fees again at the level prior to such waiver of fees.
Under the MB-approved issuance, the fees could not be increased until pricing standards or guidelines were issued by the BSP or once the volume of digital payments reached 40 percent, whichever is earlier.
The MB noted that at the height of the pandemic last year, several InstaPay and PESONet participants, banks and EMIs waived transfer fees. Some participants continued such waiver, but the full-scale imposition of these fees is expected to resume next year.
According to BSP Governor Benjamin E. Diokno, maintaining transfer fees at this time is expected to boost the country’s post-pandemic recovery.