BANGKO Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. announced that additional financial institutions will soon follow the lead of Bank of the Philippine Islands (BPI) and Rizal Commercial Banking Corporation (RCBC) in waiving transfer fees for customers.
The move comes shortly after the two major banks introduced the policy to reduce costs for account holders using digital channels and interbank transfers. Remolona confirmed that the shift is expected to take effect very soon, giving the public a clearer timeline for the change.
According to the central bank chief, the implementation will happen “in about two days,” indicating that the expanded policy will be available to users by early next week.
This development is part of the BSP’s broader push to promote financial inclusion and encourage more Filipinos to adopt digital banking services. By eliminating or reducing fees, the regulator aims to make electronic transactions more affordable, accessible, and attractive to both consumers and businesses across the country.
Remolona’s statement signals growing industry support for lower transaction costs, which is expected to benefit millions of banking clients. With more banks joining the initiative, the move is projected to ease the financial burden on ordinary users, speed up the shift toward a cash-lite economy, and support the government’s goal of modernizing the country’s financial system. The BSP will continue to monitor the rollout to ensure services remain reliable and affordable for all.
metrosundaily
