BSP Waives Fees to Offer Digital Financial Services

BSP Waives Fees to Offer Digital Financial Services

To encourage BSP Supervised Financial Institutions (BSFIs) to actively offer safe, efficient, and reliable digital channels, the Monetary Board approved the suspension of charging of filing, processing, and licensing/registration fees relative to application to provide electronic payment and financial services (EPFS) as an additional relief to BSFIs affected by the Corona Virus Disease 2019 (COVID-19) situation.

Digital channels such as online banking facilities and electronic money platforms—that support critical payment use cases such as social benefit transfers, payments to merchants or billers including the Government, payments to suppliers, and remittances—have enabled continued access to basic financial services (e.g. payments, fund transfers, and loan availment) and minimized the physical presence of clients at BSFI premises. This effectively contributes to the physical distancing measures implemented by the Government during this Luzon-wide, enhanced community quarantine (ECQ) period to help curb the spread of COVID-19.

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The relief shall be effective for a period of six (6) months from 8 March 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.

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