4 August 2020BSP UPDATES LIST OF PPMI MEMBERS THAT WAIVED FEES
FOR PESONET AND INSTAPAY TRANSACTIONS
In response to the Bangko Sentral ng Pilipinas’ (BSP) call to strengthen the use of digital payments to help curb physical payment transactions amid the COVID-19 pandemic, the members of the Philippine Payments Management, Inc. (PPMI) are extending their waiver of fees for PESONet and InstaPay transactions.
An updated list of banks and e-money issuers as of 3 August 2020 follows.
Until 31 December 2020:
1. Union Bank of the Philippines
2. Asia United Bank Corporation
3. Land Bank of the Philippines
4. Development Bank of the Philippines
5. Security Bank Corporation
6. Sterling Bank of Asia, Inc.
7. Standard Chartered Bank
8. East West Banking Corporation
9. United Coconut Planters Bank
10. Maybank Philippines, Inc.
11. Hongkong and Shanghai Banking Corporation (waived for retail; for corporate – reduced from PhP 150.00 to PhP 50.00 from 01 July 2020)
Until 30 September 2020:
1. BDO Unibank, Inc.
2. Metropolitan Bank and Trust Company
3. Bank of the Philippine Islands
4. Rizal Commercial Banking Corporation
5. China Banking Corporation
6. Bank of Commerce
7. Robinsons Bank Corporation
8. Philippine Savings Bank
9. PayMaya Philippines, Inc.
10. G-Xchange, Inc. (GXI)
11. China Bank Savings, Inc.
12. Philippine Bank of Communications (extending its PhP 1.00 fee due to system constraints)
13. Equicom Savings Bank, Inc.
Until further notice:
1. Philippine National bank
2. MUFG Bank, Ltd.
3. CTBC Bank (Philippines) Corporation
4. Bank of China Limited – Manila Branch
The BSP is actively promoting the use of digital payments as part of a safe and convenient payment system.