The Bangko Sentral ng Pilipinas (BSP) has recently lifted the moratorium on increases in InstaPay and PESONet transaction fees.
This is part of BSP’s drive to accelerate cashless adoption among Filipino consumers. New rules have also been issued, aimed at making electronic payment charges fairer, more transparent, and more reflective of actual costs.
According to Memorandum No. M-2026-025 released on June 17, the BSP announced that its Monetary Board has approved the removal of the freeze on InstaPay and PESONet transaction fee hikes. The decision was formalized through a board resolution passed on June 4.
“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 which aims to reduce fees for this segment and provide parameters for responsible pricing and market conduct,” the BSP said.
“Consistent with the BSP’s broader policy direction to promote digital payments, financial inclusion, and innovation, the lifting of the moratorium enables a more responsive and sustainable pricing environment, while ensuring that adequate regulatory oversight and consumer protection mechanisms remain firmly in place,” it added.
Moreover, the bank emphasized that BSP-supervised financial institutions (BSFIs) are still required to disclose fees for electronic payment services, as mandated by Memorandum No. M-2018-013 dating back to March 2018. BSFIs may be ordered to submit supplemental documentation to justify their underlying pricing models for fees seen as excessive or unjustified.
DoF Secretary Frederick Go expressed support for cutting digital transaction fees, stating during a recent briefing that while a PHP 10 to PHP 20 charge is normal, seeing costs spike as high as PHP 50 in the Philippines is frustrating.
Go said he is coordinating with industry stakeholders to lower transaction costs, emphasizing that digital payments must be fast, secure, convenient, and affordable, with consumers only shouldering basic switching fees.
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