The Bangko Sentral ng Pilipinas (BSP) has lifted its moratorium on transaction fee increases for automated clearing houses InstaPay and PESONet under new digital payment pricing rules, according to central bank documents issued in June 2026. Under Memorandum No. 2026-025, the Monetary Board approved the lifting through Resolution No. 498, effective alongside BSP Circular No. 1238. The central bank stated that the policy shift aims to create a sustainable pricing environment while establishing zero fees for small merchant payments and a regulated structure for person-to-person electronic transfers.
Regulatory Framework and Fee Requirements
Under the new circular signed by BSP Governor Eli Remolona Jr., BSP-supervised financial institutions (BSFIs) must adopt a market-based pricing mechanism supported by quantitative analysis of actual delivery costs. The BSP noted that banks and payment service providers may adjust transfer fees subject to regulatory oversight.
Furthermore, the central bank mandated that fees for off-us transfers, which are transactions between different financial institutions, must not materially differ from on-us transfers within the same institution, except for direct switch costs. The guidelines specify that recipients of person-to-person fund transfers must receive the full amount free of charges, and electronic payment service fees are expected to remain lower than manual or over-the-counter transaction fees.
Digital Financial Marketplaces and Transaction Volumes
The regulatory updates also establish rules for digital financial marketplaces.
According to the circular, approved banks or electronic money issuers may operate these platforms provided they include at least three unaffiliated providers, hold an advanced electronic payments license, and maintain a combined capital of at least 1 billion pesos.
The policy changes coincide with a recorded increase in digital transactions. BSP data showed that combined InstaPay and PESONet transaction values reached 13.1 trillion pesos as of May 2026, representing a 44 percent year-on-year increase, while combined volumes reached 3.5 billion transactions.
Government Targets and Cost Reductions
The central bank reported that digital payments accounted for 57.4 percent of all retail transactions in 2024, with the government targeting the digitalization of 60 to 70 percent of retail payments by 2028.
To support broader adoption, Finance Secretary Frederick Go stated in a press interview that the government aims to lower digital transaction costs from the current range of 10 to 50 pesos down to 2 to 5 pesos per transaction. Go noted that costs could decrease if electronic switching fees are reduced to approximately 1.50 pesos per transaction.
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This article is published on BitPinas: BSP Lifts InstaPay and PESONet Fee Hike Moratorium Under New Payment Rules
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