As the country to battle against the COVID-19 pandemic, Bangko Sentral ng Pilipinas (BSP) said that select Philippine banks will waive fees for PESONet and InstaPay transactions until September while others will be until December.
“To the call for relief measures that will benefit the general public and at the same time deepen the use of digital payments during the Covid-19 period.”– BSP Governor Benjamin Diokno
Banks waiving fees until September 30, 2020:
- BDO Unibank, Inc.
- Metropolitan Bank and Trust Company
- Bank of the Philippine Islands
- Rizal Commercial Banking Corporation
- China Banking Corporation
- Bank of Commerce
- Robinsons Bank Corporation
- Philippine Savings Bank
- PayMaya Philippines, Inc.
- G-Xchange, Inc.
- China Bank Savings, Inc.
- Philippine Bank of Communications
- Equicom Savings Bank, Inc.
Banks waiving fees until December 31, 2020:
- Union Bank of the Philippines
- Asia United Bank Corporation
- Land Bank of the Philippines
- Development Bank of the Philippines
- Security Bank Corporation
- Sterling Bank of Asia, Inc.
- Standard Chartered Bank
- East West Banking Corporation
- United Coconut Planters Bank (UCPB)
- Maybank Philippines, Inc.
- Hongkong and Shanghai Banking Corporation (HSBC) — waived for retail, corporate accounts reduced from PHP 150 to PHP 50
Philippine National Bank (PNB) has yet to announce the extension date for these waived fees, but it’s still being offered “until further notice”.
PESONet and InstaPay are the two real-time electronic payment systems under the BSP’s National Retail Payments System (NRPS).
InstaPay allows bank clients to transfer funds up to PHP50,000 per transaction without limit daily while PESONet is a credit payment scheme for business-to-business and people-to-business transactions, such as crediting of salaries to employees’ accounts.