BPI waives fee for small online transfers
MANILA, Philippines — The Bank of the Philippine Islands waived online transfer fees on small transactions for a limited time.
The Ayala-led bank said on Thursday this would cover InstaPay transfers of up to P1,000.
The fee relief would last till September 30.
BPI said this initiative, albeit short and temporary, came months after the Bangko Sentral ng Pilipinas’ proposal that would expand financial inclusivity.
Former central bank governor Felipe Medalla broached the idea in a forum organized by the Philippine Chamber of Commerce and Industry, saying “we’re literally bribing the banks to subsidize the small transactions.”
The announcement came alongside the bank’s push to encourage consumers to download and use their new online banking app.
Shares in BPI ended trading 0.74% up at P108.8 apiece on Thursday. — Ramon Royandoyan
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