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MANILA, Philippines — The moratorium on fee increases for InstaPay and PESONet transactions has been lifted, allowing payment service providers to adjust charges under a new pricing framework for electronic fund transfers.
In a memorandum, Bangko Sentral ng Pilipinas Deputy Governor Mamerto Tangonan said the Monetary Board approved the lifting of the moratorium through Resolution 498 dated June 4.
The policy change will take effect alongside BSP Circular 1238, also dated June 17, which amends the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities.
The move covers all direct clearing participants of the InstaPay and PESONet automated clearing houses, which include banks and other payment service providers participating directly in these payment systems.
InstaPay and PESONet are among the country’s main electronic fund transfer channels. InstaPay is generally used for real-time, low-value fund transfers, while PESONet is used for batch electronic transfers, including higher-value payments and recurring transactions.
The BSP said the lifting of the moratorium is anchored on two major changes: the implementation of zero fees for small merchant payments and the establishment of a pricing structure for person-to-person electronic fund transfers.
“The lifting of the moratorium is grounded in the implementation of zero fees for small merchant payments, and the establishment of a pricing structure for person-to-person electronic fund transfers under the Circular,” the BSP said.
According to the central bank, the new framework aims to lower fees for targeted payment segments while setting clearer standards for market behavior and pricing.
While the move gives payment providers more flexibility to review transaction fees, the BSP said safeguards would remain in place to protect consumers and ensure adequate supervision of digital payment services.
The latest policy suggests that the central bank is shifting from a blanket freeze on fee increases toward a more targeted pricing approach, allowing providers to recover costs while keeping small merchant transactions affordable.
Meanwhile, Finance Secretary Frederick Go said he wants to cut bank digital transaction fees to as low as P2, from current charges that can reach up to P50, in a bid to ease costs for consumers.
Go, who is also a member of the BSP’s Monetary Board, told reporters that he hopes banks slash transaction fees “as soon as possible” and that this becomes part of his “legacy.”
“Here in the Philippines, I get upset when I see that the transaction cost can go as high as P50,” Go said. “My goal here is to bring down to maybe P2 or P1, something like that. There’s still a switching fee.”
“Digital payment should be fast, secure, convenient and affordable. We’ve been talking to (the BSP) about this. We want to level the playing field,” Go said.
The BSP has been encouraging the financial sector to expand digital payment access, reduce reliance on cash and make electronic transactions more inclusive. The new framework is expected to guide banks and payment firms in setting fees that are transparent, reasonable and aligned with consumer protection rules.
