MANILA - The Bangko Sentral ng Pilipinas on Tuesday released the updated list of banks, financial institutions and e-money issuers that waived fees for PesoNet and InstaPay fund transfers.
The BSP earlier urged banks to waive fees for digital transactions to lessen physical contact and the use of cash during the COVID-19 pandemic.
"In response to the Bangko Sentral ng Pilipinas’ (BSP) call to strengthen the use of digital payments to help curb physical payment transactions amid the COVID-19 pandemic, the members of the Philippine Payments Management, Inc. (PPMI) are extending their waiver of fees for PESONet and InstaPay transactions," the BSP said in a statement.
List of banks and e-money with waived InstaPay and PesoNet fees until Dec. 31:
1. Union Bank of the Philippines
2. Asia United Bank Corporation
3. Land Bank of the Philippines
4. Development Bank of the Philippines
5. Security Bank Corporation
6. Sterling Bank of Asia, Inc.
7. Standard Chartered Bank
8. East West Banking Corporation
9. United Coconut Planters Bank
10. Maybank Philippines, Inc.
11. Hongkong and Shanghai Banking Corporation (waived for retail; for corporate – reduced from P150 to P50 from 01 July 2020)
List of banks and e-money with waived InstaPay and PesoNet fees until Sept.30:
1. BDO Unibank, Inc.
2. Metropolitan Bank and Trust Company
3. Bank of the Philippine Islands
4. Rizal Commercial Banking Corporation
5. China Banking Corporation
6. Bank of Commerce
7. Robinsons Bank Corporation
8. Philippine Savings Bank
9. PayMaya Philippines, Inc
10. G-Xchange, Inc. (GXI)
11. China Bank Savings, Inc.
12. Philippine Bank of Communications (extending its PhP 1.00 fee due to system constraints)
13. Equicom Savings Bank, Inc.
Waived fees until further notice:
1. Philippine National bank
2. MUFG Bank, Ltd.
3. CTBC Bank (Philippines) Corporation
4. Bank of China Limited – Manila Branch
The PesoNet and InstaPay services, which allow fund transfers from bank to other banks or to and from e-money providers are part of the BSP's National Retail Payment System, seeking to raise digital payments in the country.