The central bank issued a moratorium on increases in fee rates of financial institutions running the real time, interbank money transfer services, InstaPay and PESONet.
Based on the BSP’s summary of corresponding fees submitted by BSP supervised financial institutions , as of end-November, InstaPay fees go from P5 to a high of P30 per transaction, while some offer free of service. BSP Governor Benjamin E. Diokno, who signed the order on Dec. 28, said in the memo that the moratorium “is expected to not only help the economy but also sustain the momentum in the use of digital payments.”
For BSFIs which have yet to offer lnstaPay and PESONet, the BSP said the initial fees will have to be reported at least 60 days from the day that they plan to impose the fees.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BSP forecasts 3.5%-4.3% Dec. inflationThe Bangko Sentral ng Pilipinas (BSP) forecasts inflation rate could be a high of 4.3 percent or a low of 3.5 percent for the month of December on the back of higher food prices because of bad weather.
Source: manilabulletin - 🏆 25. / 51 Read more »
BSP urges lenders to look into climate change risks in light of Typhoon Odette - BusinessWorld OnlineTYPHOON Odette’s impact brings to light the need for financial institutions to include climate change and environmental risks in assessing their financial position in cases of major weather disturbances, according to the Bangko Sentral ng Pilipinas (BSP).
Source: bworldph - 🏆 9. / 68 Read more »
December inflation likely within 3.5 to 4.3 percent range: BSPInflation in December could settle within the 3.5 to 4.3 percent range, the Bangko Sentral ng Pilipinas said Wednesday.
Source: ABSCBNNews - 🏆 5. / 83 Read more »
BSP 'confident' in hitting digitalization targetsThe Bangko Sentral ng Pilipinas said on Tuesday it is confident it can achieve its digitalization goals ahead of 2023.
Source: ANCALERTS - 🏆 26. / 50 Read more »
December inflation likely within 3.5 to 4.3 percent range: BSPInflation in December could settle within the 3.5 to 4.3 percent range, the Bangko Sentral ng Pilipinas said Wednesday.
Source: ABSCBNNews - 🏆 5. / 83 Read more »
Mayor Sotto announces salary increase of Pasig City street sweepersICYMI: More than 200 employees in Pasig City, mostly street sweepers, will get a salary hike, says Mayor Vico Sotto.
Source: inquirerdotnet - 🏆 3. / 86 Read more »