After pioneering Landbank move, Finance chief cheers fee-free BPI transfers

Insider Spotlight

• Finance Secretary Frederick Go hailed BPI’s permanent waiver of InstaPay and PESONet fees as a boost to financial inclusion.
• The announcement comes weeks after Go spearheaded Landbank’s zero-convenience-fee policy for QRPh government payments.
• Go said lower digital banking costs are key to expanding access to financial services and accelerating the country’s digital economy.

Finance Secretary Frederick Go on Monday welcomed the Bank of the Philippine Islands’ decision to permanently eliminate InstaPay and PESONet transfer fees, saying the move builds on the momentum created by the government’s push to make digital transactions more affordable for Filipinos.

The announcement comes weeks after Go, as chair of the Land Bank of the Philippines, led the state-owned bank’s removal of convenience fees for online government payments through QRPh from June 1 to Dec. 31, 2026.

The catalyst

The Landbank initiative marked one of the strongest government-led pushes to reduce the cost of digital financial services, with Go positioning lower transaction fees as a key driver of financial inclusion and wider adoption of digital payments.

In announcing the policy, Go said eliminating convenience fees would make access to essential government services more affordable while helping accelerate the country’s transition to a digital economy.

BPI’s move extends that momentum into the private banking sector.

Frederick Go

The Finance chief, who also chairs the Land Bank of the Philippines, says free bank transfers will boost growth. 

What he said

“We welcome BPI’s efforts to make digital transactions free. I have been an advocate for affordable digital banking fees," the Finance chief said in a message to the media on June 29, 2026. "It is heartwarming to see one of the country’s major banks supporting our shared goal of building a more inclusive digital economy where every Filipino can benefit from greater access to financial services.”

Go has consistently argued that high transaction fees discourage Filipinos from embracing digital banking, particularly low-value transfers that have become part of everyday financial activity.

Why it matters

BPI’s decision makes it the first major Philippine bank to permanently waive InstaPay and PESONet transfer fees for its customers, a move that could encourage other commercial banks to reassess their own pricing for digital transactions.

Coming on the heels of LAND BANK’s zero-fee QRPh initiative, the development suggests growing alignment between government policy and private-sector efforts to make digital banking more accessible.

Together, the initiatives advance the broader objective of expanding financial inclusion by removing cost barriers that have long discouraged wider use of electronic payments and digital financial services.

— Edited by Daxim L. Lucas