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MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said digital fund transfer transactions have climbed between 10 and 50 percent since banks and e-wallet providers cut their transfer fees, offering what the central bank described as a potential “second wind” for financial inclusion after progress showed signs of plateauing.
In an interview with One News TV on Tuesday, BSP Deputy Governor Mamerto Tangonan said the central bank would conduct a more comprehensive assessment of transaction volumes by the end of the month.
READ: BSP clears way for digital transaction fee hikes; Go wants charges lowered to P2-P5
But he noted that preliminary reports from banks and other financial institutions point to a sharp increase in digital transfers following the fee cuts.
