The Bangko Sentral ng Pilipinas (BSP) released Circular No. 1238 on June 17, 2026, mandating that fees for person-to-person electronic fund transfers across different financial institutions must not be significantly higher than transfers within the same institution. The regulation targets banks, e-wallet operators, and other BSP-supervised payment service providers (PSPs).
Pricing Rules and Cost Analysis Requirements
Under the new circular, any additional charge for interbank or inter-wallet transfers should primarily reflect fees paid to the network switch operator, such as BancNet for InstaPay and the Philippine Clearing House Corp. for PESONet. Transfers within the same bank or e-wallet are often free. The BSP also requires supervised institutions to maintain a cost analysis of their electronic payment products and services, which the BSP may review during supervisory activities.
Impact on Digital Payment Adoption
BSP Governor Eli M. Remolona Jr. stated, "Lower fees will encourage more Filipinos and businesses to use and benefit from digital transactions. The BSP sees this as a step toward making digital transactions even more mainstream. At the same time, greater adoption can help improve efficiency across the payments system, reducing costs for everyone." The amendments respond to the BSP's fourth-quarter 2025 Consumer Expectations Survey, which found that one in three Filipino consumers considers high transaction fees a major barrier to using digital payments more often.
Expanded Access for Microbusinesses
The circular also updates the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities (RFMPAA). It now allows microbusinesses, including sari-sari stores, to open transaction accounts using a National ID or another acceptable official document. This change aims to make it easier for microenterprises to accept digital payments and access other financial services.
The BSP said both amendments are designed to accelerate the growth of the country's digital payments ecosystem while making electronic financial services more accessible and affordable for consumers and small businesses.
