Cagayan de Oro Representative Lordan Suan has filed a bill to waive service fees for minor transactions for Philippine e-wallets and other electronic fund transfer services. The bill aims to promote wider adoption and increase financial inclusion.
The “Electronic Wallet and Electronic Fund Transfer Small Value Transaction Fee Waiver Act” defines small-value transactions that are PHP1000 or less. The process may involve transferring funds between e-wallets or sending them from an e-wallet to a bank account.
Furthermore, the bill requires complete transparency and disclosure of all fees and charges.
Moreover, the bill aims to give Bangko Sentral ng Pilipinas (BSP) the authority to adjust small-value transactions and daily limits based on the cost of living, exchange rates, and inflation.
“E-wallets offer a convenient and affordable alternative to traditional banking. Waiving fees for small transactions will encourage wider adoption among low income individuals, increasing financial inclusion and economic growth,” explained Suan.
This aligns with BSP’s move for digital financial inclusion in the country by waiving digital money transfer fees for InstaPay and PESONet.