The Bangko Sentral ng Pilipinas (BSP) has rolled out new rules aimed at making digital transactions more affordable and accessible, while lifting the moratorium on increases in InstaPay and PESONet transaction fees.

Under Circular No. 1238, issued on 17 June, the BSP introduced a new pricing framework for electronic payment services that requires fees to be fair, transparent, and aligned with actual costs. The circular amends the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities.

The BSP said fees for person-to-person transfers between banks, e-wallets and other payment service providers should not be materially different from transfers within the same institution, which are often free. Any additional charges should largely reflect costs paid to network operators such as BancNet for InstaPay and the Philippine Clearing House Corp. for PESONet. To strengthen oversight, BSP-supervised financial institutions will be required to maintain cost analyses for their electronic payment products and services.

The central bank may review these records and require institutions to justify fees it deems unreasonable.

The BSP also emphasized that digital transaction charges should generally remain lower than fees for manual or over-the-counter transactions, given the efficiency and lower operating costs of electronic channels.

Alongside the new framework, the BSP lifted the moratorium on fee increases for InstaPay and PESONet transactions through Memorandum No. M-2026-025, following a Monetary Board resolution approved on 4 June.

The central bank said the decision was made possible by the introduction of zero fees for small merchant payments and the new pricing rules designed to ensure responsible market conduct.

“Lower fees will encourage more Filipinos and businesses to use and benefit from digital transactions,” BSP Governor Eli Remolona Jr. said. “The BSP sees this as a step toward making digital transactions even more mainstream.”

The BSP noted that its fourth-quarter 2025 Consumer Expectations Survey found that one in three Filipinos considered high fees a major barrier to using digital payments more frequently.

Finance Secretary Frederick Go likewise expressed support for reducing intra-network transaction fees, citing Landbank’s recent initiatives to cut InstaPay fees from P15 to P8 and waive charges for select online government payments.

“Here in the Philippines, I get upset when I see that the transaction cost can go as high as 50 pesos,” he told reporters.

“But my goal here is to bring down this 10, 20 or 50 pesos down to maybe... five. I don’t know. Two pesos,” he added, noting that he had been in discussions with officials from both the public and private sectors.