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The Bangko Sentral ng Pilipinas (BSP) is assessing compliance from banks and e-wallet operators that have not fully eliminated interbank transfer fees. This scrutiny follows a wave of fee reductions by numerous financial institutions.
Regulatory Compliance Under Scrutiny
BSP Deputy Governor Mamerto Tangonan stated that the bank is verifying financial institutions’ fee structures against the guidelines set in BSP Circular No. 1238.
This circular mandates that fees for interbank transfers should not exceed the minimal costs associated with processing, estimated at ₱1.50. Consequently, the BSP has required banks that still impose fees to provide detailed justifications.