BSP updates list of PPMI members that waived fees for PESONet, InstaPay  transactions

August 05, 2020

In response to the Bangko Sentral’s call to strengthen the use of digital payments to help curb physical payment transactions amid the 2019 coronavirus disease pandemic, the members of the Philippine Payments Management, Inc. are extending their waiver of fees for PESONet and InstaPay transactions.

An updated list of banks and e-money issuers as of 3 August 2020 follows.

Until Dec. 31, 2020:

1. Union Bank of the Philippines

2. Asia United Bank Corp.

3. Land Bank of the Philippines

4. Development Bank of the Philippines

5. Security Bank Corp.

6. Sterling Bank of Asia, Inc.

7. Standard Chartered Bank

8. East West Banking Corp.

9. United Coconut Planters Bank

10. Maybank Philippines, Inc.

11. Hongkong and Shanghai Banking Corp. (waived for retail; for corporate – reduced from P150.00 to P50.00 from 01 July 2020)

Until Sept. 30, 2020:

1. BdO Unibank, Inc.

2. Metropolitan Bank and Trust Co.

3. Bank of the Philippine Islands

4. Rizal Commercial Banking Corp.

5. China Banking Corp.

6. Bank of Commerce

7. Robinsons Bank Corp.

8. Philippine Savings Bank

9. PayMaya Philippines, Inc.

10. G-Xchange, Inc.  

11. China Bank Savings, Inc.

12. Philippine Bank of Communications (extending its P1.00 fee due to system constraints)

13. Equicom Savings Bank, Inc.

Until further notice:

1. Philippine National bank

2. MUFG Bank, Ltd.

3. CTBC Bank (Philippines) Corp.

4. Bank of China Limited – Manila Branch

 The BSP is actively promoting the use of digital payments as part of a safe and convenient payment system.