The Bangko Sentral ng Pilipinas (BSP) is in talks with the banks and other stakeholders on the possibility of exempting small financial transactions from payment of fees.
BSP Governor Felipe Medalla said transaction fees are among several problems as the country continues to widen access of more Filipinos to digital financial transactions.
“The banks said we have to work together but we are doing it as soon as possible.”
Banks and other financial service companies that have license to offer digital money services currently do not collect fees if the transactions are done within their own firm.
“Ang dream namin sa central bank e yung small transactions namin walang fees. Naghahanap pa rin kami ng solusyon and we’re working closely with the banks and all the other operators so that we can at least [address it],” said Medalla.PNA
