BSP warns: Banks, e-wallets failing to reduce transfer fees to face sanctions

National

THE Bangko Sentral ng Pilipinas (BSP) warned financial institutions that they may face sanctions if they fail to adhere with the set fair-pricing regulations for digital fund transfers.

According to BSP Deputy Governor Mamerto Tangonan, financial institutions, including those that did not reduce transfer fees and those whose charges remain above BSP’s fair level of pricing, were invited for a meeting to discuss adherence to the rules.

“We’ll give them a chance to explain what steps they have taken and why,” Tangonan said in a report by Inquirer.net.

He added that while it is not appropriate to impose penalties at this time, firms will receive sanctions if they remain noncompliant after the meeting.

Banks and other financial institutions under BSP must ensure that fees for digital fund transfers that come from different institutions should not differ from the charge of those fund transfers within the same institutions, according to the BSP Circular No. 1238.

The BSP added that although institutions may set their own pricing rate according to the legitimate business and operational standards, it should not result in one group of users unfairly charging others.

Following the announcement of the policy, financial firms, including The Bank of the Philippine Islands, UnionBank of the Philippines and Land Bank of the Philippines, Rizal Commercial Banking Corp., already reduced transfer fees.

Digital financial platforms like G-Cash and Maya also lowered their InstaPay fee from P15 to P10. (Marry Ann Aquilla, UP Cebu Comm Intern)