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Philippines: BSP asked to urge banks to lower digital payments, e-wallet fees
MANILA, Philippines — Sen. Grace Poe on Friday has asked for the help of the Central Bank to urge banks to lower digital charges and e-wallet fees, citing that many Filipinos using these services have yet to find jobs amid the pandemic.
“I am calling on the Bangko Sentral ng Pilipinas (BSP) to urge banks and other financial institutions to lower their charges for digital transactions as Filipinos are striving to endure the impacts of COVID-19,” she said in a statement in Filipino posted on the Senate’s website Friday.
Poe leads the Senate committee on banks, financial institutions and currencies.
She said the pandemic has driven millions of Filipinos to use e-wallets and digital payments system, and this has caused banks and institutions to charge pre-pandemic fees to profit from them.
“There are still many people who don’t have work, and they are making sure that each peso they spend will help their families,” Poe said
According to the lawmaker, lowering the transaction fees on these platforms will reduce expenses on the consumers’ side, and encourage them to use more of the e-wallets’ services.
Late last year, BSP enforced a moratorium on the planned fee increases for electronic fund transfers of banks and financial institutions via InstaPay and PESONet until the share of digital payments to double transactions doubles to 40 percent.
BSP Gov. Benjamin Diokno previously said the moratorium is expected to help the economy and sustain momentum in digital payments.
The central bank made the announcement amid reports of some banks and financial institutions which hiked fees for electronic fund transfers that were initially waived during the height of the pandemic.
Source: https://www.philstar.com/business/2022/02/18/2161730/bsp-asked-urge-banks-lower-digital-payments-e-wallet-fees