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MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said banks and e-wallets that may be struggling to comply with rules requiring lower fund transfer fees should rethink their business models and not expect regulatory concessions, saying it would not create separate pricing rules for different sectors despite their varying strategies.
Speaking to reporters on Monday, BSP Deputy Governor Mamerto Tangonan said creating a separate regulation to accommodate varying revenue and cost structures could create “congestion” in the payments network.
READ: Palace to banks: Cut transfer fees
This, amid concerns on some financial institutions, particularly those that rely heavily on transfer fees as a source of revenue. Last week, the BSP invited several financial institutions to discuss their compliance with the new rules.
