

The Bangko Sentral ng Pilipinas (BSP) announced the continuation of the moratorium on digital money transfer fees for InstaPay and PESONet.
InstaPay, facilitating electronic fund transfers between banks and e-wallets, and PESONet, providing an alternative for multiple recipient transactions such as government payments, loans, dividends, and payrolls, will maintain their current interbank transfer fees, as directed by the BSP’s monetary board resolution dated December 7, 2021. This decision aligns with the central bank’s commitment to advancing financial digitization.
The moratorium on InstaPay and PESONet fees shall be lifted, subject to BSP review, when zero fees for small e-payment transactions have been implemented by the payments industry
BSP
Financial institutions intending to introduce new fund transfer service fees must obtain prior approval, and these fees must be reported to the BSP 60 days before implementation.
Additionally, the BSP emphasized that a previously waived transfer fee could only be reinstated up to the reported amount before the waiver. Non-compliant financial institutions will face the BSP’s supervisory and enforcement actions in accordance with the National Payment Systems Act and the New Central Bank Act.
This bodes well for online gaming where players can enjoy the current existing cash in/out fees without worrying of increased fees. It may encourage more players to use the existing digital money transfer more and build confidence in the online gaming industry.