Metrobank extends waiver of fees on small transactions

MANILA, Philippines —  Metropolitan Bank and Trust Co. (Metrobank) has extended the waiver on the fees imposed on small-value transactions by another six months or until end-June this year.

The bank said fund transfers worth P1,000 and below via InstaPay using the new Metrobank app is free until June 30.

Metrobank initially waived the InstaPay fees for transactions below P1,000 until Dec. 31, 2023.

Last month, the Bangko Sentral ng Pilipinas (BSP) disallowed banks and financial institutions to raise fees on electronic fund transfers via InstaPay and PESONet until charges on small value transactions are lifted.

The central bank’s Monetary Board issued Resolution 1599 last Dec. 7 maintaining the moratorium on InstaPay and PESONet fees that was implemented since Dec. 28, 2021.

As part of its efforts to promote digitalization, the regulator issued Memorandum M-2021-071 in December 2021 instructing financial institutions that participate in the InstaPay and PESONet automated clearing houses not to increase their fund transfer fees.

BSP Governor Eli Remolona Jr. earlier said the moratorium on fee increases for InstaPay and PESONet transactions would be lifted once zero fees are operationalized by the payment industry for small e-payments.

Remolona has been urging banks and financial institutions to waive the fees for small-value electronic fund transfers or those amounting to below P1,000.

The BSP chief said the regulator would continue to work with the payments industry to lower, if not eliminate, fees imposed on small electronic payments.

“Accordingly, the moratorium on fee increases for InstaPay and PESONet transactions shall be lifted, subject to BSP review, once zero fees are operationalized by the payments industry for small e-payments,” Remolona said.