The central bank on Tuesday waived its fees and charges for financial institutions setting up digital payment channels, saying it encouraged Filipinos to conduct more online transactions as a means of fighting the new coronavirus disease (COVID-19) pandemic.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said its policy-making Monetary Board approved the suspension of charging of filing, processing and licensing or registration fees relative to application to provide electronic payment and financial services.
This was meant “to encourage financial institutions to actively offer safe, efficient and reliable digital channels,” it said, explaining that this would also provide additional relief to these firms affected by the COVID-19 situation.
The central bank said digital channels such as online banking facilities and electronic money platforms that supported critical payment use cases such as social benefit transfers, payments to merchants or billers including the government, payments to suppliers, and remittances had enabled continued access to basic financial services like payments, fund transfers and loan availment, and minimized the physical presence of clients in bank premises.
The relief will be effective for six months from March 8, 2020, the date of declaration of the President of the state of public health emergency under Presidential Proclamation No. 922. This period may be extended depending on the development of the COVID-19 situation, the regulator added. INQ