Finance Secretary Frederick Go has welcomed the recent announcements by the Bank of the Philippine Islands (BPI) and Rizal Commercial Banking Corp. (RCBC) to waive fees on select online bank transfers, calling the move a significant step toward making financial services more accessible to Filipinos.
“I am hopeful that almost all digital transactions will soon be free of charge,” Go said, expressing optimism that more financial institutions will follow suit.
The banks’ decision comes as the government continues to promote digital payments and financial inclusion. Eliminating transfer fees is expected to encourage more consumers and businesses to use online banking by making transactions more affordable and convenient.
Lower transaction costs are expected to benefit millions of Filipinos, particularly small business owners, freelancers, and individuals who regularly send money online. The move could also help accelerate the country’s transition to a more inclusive, cashless economy.
The Department of Finance has consistently supported efforts to improve the efficiency of the financial system through digitalization, with wider adoption of electronic payments seen as a key driver of economic growth and broader financial access.
