The @BangkoSentral is ready to work with the industry to find ways to eliminate fees on small-value fund transfers and incentivize more Filipinos to use #digitalpayments. If the fee is P15 for a P200 transaction, then the fee is quite large relative to the amount being sent.
We are ready to collaborate with banks and payment system operators to explore a cost-sharing system that excludes small transactions from these types of fees.
We may even consider cutting the reserve requirement to enable banks to make these concessions. All these, in pursuit of a financial system that leaves no one behind.
After all, the true measure of an effective policy lies not in its complexity but in its ability to bring those at the margins into the fold.
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