Finance Secretary Frederick Go has welcomed the decisions of BPI and RCBC to waive digital banking fees. Noting that the initiative was originally pioneered by government-owned Landbank, where he also serves as chairman, Go expressed optimism that nearly all digital transactions across the country will eventually become free.
Government's Push for Affordable Digital Payments Gains Traction
The move by BPI and RCBC to eliminate fees on digital fund transfers signals a major shift toward affordable digital banking in the Philippines . BPI permanently removed charges on InstaPay and PESONet transfers effective July 1, 2026, as part of its 175th anniversary celebration . RCBC followed suit by waiving InstaPay person-to-person fees through its RCBC Pulz and DiskarTech apps starting July 4, 2026, offering up to 30 free monthly transfers . Secretary Go emphasized that Landbank pioneered this initiative, having cut InstaPay fees to ₱8 and offering free daily small-value transfers, along with waived government payment fees until December 2026 . Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. expects more banks to follow suit within days, especially after the BSP mandated banks to adopt "reasonable and fair market-based pricing" for digital transactions.
A Step Closer to Financial Inclusion
Secretary Go is actively pushing the BSP to lower digital transaction costs to as low as ₱2 to ₱5 per transfer, ensuring digital payments are "fast, secure, convenient, and affordable" . Under new regulations, fees for transfers between different banks should not significantly exceed those for transfers within the same bank, eliminating hidden charges and promoting fair competition . This initiative supports President Ferdinand R. Marcos Jr.'s broader push to expand access to affordable financial services, with the BSP and the Bankers Association of the Philippines working together to achieve a fully cash-lite economy . Banks like BPI and RCBC are gaining a competitive edge as more Filipinos adopt digital banking.
