MANILA – Malacañang expressed hope that more banks will eliminate digital fund transfer fees, saying lower transaction costs would benefit consumers and support the country’s transition to a more inclusive digital economy.

During a Palace press briefing, Palace Press Officer Claire Castro said President Ferdinand R. Marcos Jr. supports efforts to reduce or remove charges on online banking transactions following similar initiatives by several major banks.

“Sinimulan ng LandBank, sumunod na rin po ang BPI at ang RCBC. So, ito po ay sang-ayon na rin po sa kagustuhan ng Pangulo (LandBank started the initiative, and BPI and RCBC followed. This is also in line with the President’s preference),” Castro said.

Her statement came after Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said more banks are expected to either waive or reduce digital fund transfer fees.

Recently, the Bank of the Philippine Islands removed transfer charges for InstaPay and PESONet transactions made through its digital platforms, while Rizal Commercial Banking Corporation began offering free InstaPay transfers for qualified transactions.

The government-owned Land Bank of the Philippines had earlier waived transfer fees for a limited number of online fund transfers per day and also removed convenience fees for government payments made through QR Ph until December 2026.

Asked whether Malacañang would encourage other banks to adopt similar policies, Castro said the administration hopes more financial institutions will follow LandBank’s lead.

“Katulad ng sinabi natin, pinasimulan po ng LandBank, so mas nanaisin po natin na lahat po sana ng bangko ay gayahin na rin po ang pinasimulan ng LandBank, para po makatulong sa ating mga kababayan (As we have said, LandBank started this initiative, so we hope all banks will follow what LandBank has begun in order to help our fellow Filipinos),” she said.