MANILA – More banks are expected to remove or reduce fees for fund transfers to other financial institutions in the coming days, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said.

“In about two days, we expect more banks to follow,” Remolona told reporters in an interview.

His statement came after Bank of the Philippine Islands (BPI) announced earlier this week that it would waive transfer fees for transactions sent to other banks and electronic wallets through InstaPay and PESONet using its digital platforms, including the BPI app, Vybe, BizKo and its subsidiary, BanKO.

BPI said the initiative supports the BSP’s financial inclusion program by offering reasonable and market-based pricing for person-to-person electronic fund transfers.

Rizal Commercial Banking Corporation (RCBC) also announced on Friday that it would eliminate InstaPay fees for transactions made through its digital banking applications starting July 4.

Remolona said the growing number of banks waiving transfer fees would strengthen the country’s payment system by encouraging greater participation.

“Ang tawag doon network externalities. Kung maraming kasama, mas maganda. So the entry fee, mababa. Kung puwede zero, mabuti (That is what you call network externalities. If there are more participants, better. So the entry fee will be low. If it can be zero, better),” he said.