State-run Land Bank of the Philippines (Landbank) will waive all InstaPay and PESONet transfer fees for retail clients beginning Tuesday, 7 July, allowing customers to send funds for free through the Landbank Mobile Banking App and iAccess platform.

In a Monday statement, the bank said the fee waiver will also cover clients of Overseas Filipino Bank (OFBank), extending the benefit to Filipinos abroad.

The move follows Landbank’s 1 June rollout of zero-fee person-to-government (P2G) payments via QRPh and expands the bank’s cost-free digital banking initiative to include retail fund transfers. The lender had earlier reduced its InstaPay and PESONET fees from P15 to P8, becoming the first among major local financial institutions to do so.

“With this, clients can now manage both personal financial transactions and government payments through a single account without incurring transfer fees,” the bank said.

Finance Secretary and Landbank Chairman Frederick Go said eliminating transfer charges would help households and businesses save money while encouraging wider use of digital financial services.

“Every peso saved on transfer fees is a peso that Filipino families can spend on their daily needs and that businesses can reinvest in growth,” Go said.

Landbank President and Chief Executive Officer Lynette Ortiz said the initiative aims to support workers, small business owners and overseas Filipinos by reducing the cost of everyday banking transactions.

The fee waiver aligns with the government’s push to expand digital financial inclusion and supports Bangko Sentral ng Pilipinas (BSP) Circular No. 1238, which seeks to lower the cost of electronic fund transfers and promote broader adoption of digital payments.