Malacañang has called on banks to reduce or eliminate online transfer and convenience fees after government-owned Land Bank of the Philippines announced it would waive InstaPay and PESONet transfer charges beginning Tuesday.
Landbank has waived fees for qualified online government payments made through QRPh-enabled channels from June 1 to Dec. 31, 2026. Starting July 7, it also began offering free InstaPay and PESONet fund transfers for retail clients using the LandBank Mobile Banking App and iAccess.
“Actually po si Secretary Frederick Go, bilang Chair of the Board ng Landbank, sila po talaga ang nagpauna, sa pamamagitan po ng Landbank na ma-reduce ang transfer fees and to eliminate convenience fees for certain person to government transactions,” Castro said.
Other banks have followed suit. BPI permanently removed InstaPay and PESONet fees for transfers to other banks and e-wallets beginning July 1, while RCBC now waives charges for the first 30 InstaPay transfers each month through RCBC Pulz, provided each transaction is worth at least ₱100.
“At dahil po dito, nag-start po ang LandBank, sinimulan ng LandBank, at sumunod na rin po ang BPI at ang RCBC. So, ito po ay sang-ayon na rin po sa kagustuhan ng Pangulo,” Castro said.
The Palace has yet to announce a mandatory policy requiring all banks to remove such fees. Castro, however, said Malacañang hopes the rest of the banking industry will follow LandBank’s lead.
“Katulad po 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,” Castro said.
The appeal comes as digital transactions now account for the majority of retail payments in the country. According to the Bangko Sentral ng Pilipinas, digital payments made up 57.4% of monthly retail payment volume and 59% of total transaction value in 2024, making transfer fees an increasingly common expense for consumers.
