BSP Defends P100 Low-Cost Accounts as It Presses Banks to Cut Transfer Fees
Updated
Updated · Newsbytes.PH · Aug 15
BSP Defends P100 Low-Cost Accounts as It Presses Banks to Cut Transfer Fees
1 articles · Updated · Newsbytes.PH · Aug 15
Summary
Thursday’s BSP statement said lower or zero electronic fund transfer fees can widen digital payment use, answering criticism of its order urging banks to trim charges.
Cost is one of the main barriers for Filipinos who avoid digital payments, the central bank said, though fees alone will not deliver financial inclusion.
Other hurdles include account-opening rules, maintaining balances, weak connectivity, limited access points, low digital and financial literacy, distrust, security worries and hard-to-use services.
P100 Basic Deposit Accounts, the interoperable payments system, Paleng-QR Ph Plus and BSP education programs are part of a broader push to make services affordable, accessible and safer.
The BSP said the end goal is not just more accounts or transactions but stronger financial health—helping Filipinos save, borrow appropriately, manage shocks and build long-term security.