More banks to waive fund transfer fees - BSP
The Bangko Sentral ng Pilipinas (BSP) expects more banks to waive or reduce fund transfer fees following similar moves by BPI and RCBC. Governor Eli Remolona Jr. emphasized that lower fees promote financial inclusion and benefit consumers through network externalities.
Why it matters
Reducing digital transaction costs is a key component of the Philippines' financial inclusion strategy, encouraging more citizens to adopt digital banking.
MANILA – More banks are expected to waive or lower transfer fees for transactions with other financial institutions, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said.
The article reports on regulatory expectations and banking industry trends without taking a partisan stance.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in