MANILA — The Bangko Sentral ng Pilipinas (Bangko Sentral ng Pilipinas) has lifted its moratorium on increases in InstaPay and PESONet transaction fees and issued new regulations aimed at making electronic payment charges more transparent, fair, and aligned with actual service costs.

In Memorandum No. M-2026-025 issued on June 17, the BSP said the Monetary Board, through a resolution dated June 4, approved the lifting of the moratorium on fee increases for InstaPay and PESONet transactions.

The lifting will take effect alongside BSP Circular No. 1238, also issued on June 17, which amends the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities.

“The lifting of the moratorium is grounded in the implementation of zero fees for small merchant payments, and the establishment of a pricing structure for person-to-person electronic fund transfers under the Circular which aims to reduce fees for this segment and provide parameters for responsible pricing and market conduct,” the BSP said.

“Consistent with the BSP’s broader policy direction to promote digital payments, financial inclusion, and innovation, the lifting of the moratorium enables a more responsive and sustainable pricing environment, while ensuring that adequate regulatory oversight and consumer protection mechanisms remain firmly in place,” it added.

Under the new circular, BSP-supervised financial institutions (BSFIs) are required to implement fair and reasonable market-based pricing for electronic payment services, with fees expected to reflect actual service costs.

The BSP said pricing should ensure fairness across users and that electronic transaction fees should generally be lower than over-the-counter or manual transactions due to greater efficiency in digital channels.

Financial institutions are also required to disclose electronic payment fees in line with Memorandum No. M-2018-013 issued in March 2018.

They may also be required to submit additional documentation if their pricing is flagged as unreasonable during review of periodic disclosures.

Meanwhile, Finance Secretary Frederick Go said he supports further reductions in digital transaction costs, noting concerns over high fees.

“Here in the Philippines, I get upset when I see that the transaction cost can go as high as PHP50. But I think the normal is between PHP10 to PHP20,” he said.

Go added that discussions are ongoing with industry stakeholders to explore ways to further reduce costs, stressing that consumers should mainly shoulder switching fees.

“Digital payment should be fast, secure, convenient, and affordable,” he said.