The move allows customers to transfer money to other banks and e-wallets without paying transaction charges.
What began with a handful of lenders has quickly spread across the industry.
Bank of the Philippine Islands, BDO Unibank, Metropolitan Bank & Trust Co., Union Bank of the Philippines, Security Bank, EastWest Bank, the Land Bank of the Philippines and Philippine National Bank have all rolled out free transfer offerings.
Digital wallets Maya and GCash have also lowered their transfer fees, widening access to lower-cost digital payments beyond traditional banks.
The rapid rollout follows a Bangko Sentral ng Pilipinas circular urging banks to adopt reasonable and market-based pricing for person-to-person electronic fund transfers.
—Edited by Miguel R. Camus
