Malacañang on Monday urged more private banks to follow the lead of the Land Bank of the Philippines in reducing or waiving transaction fees.

"The LandBank started it all, so mas nanaisin po natin na lahat po sana ng bangko ay gayahin na rin po ang pinasimulan ng LandBank para makatulong sa ating mga kababayan," Palace Press Officer and Presidential Communications Office Undersecretary Claire Castro said during a press briefing.

Castro said LandBank Chairman and Finance Secretary Frederick Go ordered the reduction of transfer fees and the removal of convenience fees for select person-to-government transactions.

"At dahil po dito, nag-start po ang LandBank at sumunod na rin po ang BPI at ang RCBC. So ito po ay sang-ayon na rin po sa kagustuhan ng Pangulo," she said.

Earlier, the Ayala-led Bank of the Philippine Islands announced it would permanently waive all InstaPay and PESONet transfer fees.

Rizal Commercial Banking Corp., part of the Yuchengco Group of Companies, also eliminated InstaPay transaction fees and reduced PESONet transfer fees.

Maya Bank, led by Manuel V. Pangilinan, lowered its InstaPay transfer fee to P10 from P15.

LandBank, meanwhile, reduced its InstaPay fee to P8 from P15 and waived e-payment fees for selected government services.

GCash also lowered its standard InstaPay bank transfer fee to P10 from P15 beginning 4 July.

Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said more banks are expected to reduce or waive transfer fees for transactions with other financial institutions.

"In about two days, we expect more banks to follow," Remolona said.