The Bangko Sentral ng Pilipinas (BSP) has introduced new measures to make digital transactions more affordable and transparent, amending its e-payments framework to address consumer concerns over high fees.
Under Circular No. 1238, issued on June 17, 2026, person-to-person e-payment fees across banks, e-wallets, and other payment service providers must not be significantly higher than fees charged within the same institution. Transfers within one bank or e-wallet are often free, so any difference in pricing should mainly reflect costs paid to the network switch operator.
The BSP will now require supervised financial institutions to maintain cost analyses for their electronic payment services, which may be reviewed during oversight activities. BSP Governor Eli M. Remolona, Jr. emphasized that lowering fees will encourage more Filipinos and businesses to adopt digital transactions, improving efficiency and reducing costs across the payments system.
The move responds to findings from the BSP’s Consumer Expectations Survey in Q4 2025, which revealed that one in three Filipino consumers view high fees as a major barrier to using digital payments more frequently.
The circular also amends the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities (RFMPAA). Among the changes is the expansion of transaction points where users can make digital payments, aimed at accelerating the growth of the digital ecosystem.
Additionally, micro businesses such as sari-sari stores will now be allowed to open accounts using the National ID or other official documents, enabling them to accept digital payments and access more financial services.
