The Bangko Sentral ng Pilipinas (BSP) is encouraging all its supervised institutions or BSIs to participate in the yearly survey on the pricing of digital payments (SPDP) for a more transparent and accurate pricing of electronic payments in the country.
The BSP has concluded its initial SPDP run which covered 2023 data, but reminded banks and non-banks to continue to participate in the succeeding survey.
The next survey will start on Jan 1, 2025. “All BSls are encouraged to submit their responses to the SPDP by end-May of each year, with data and information covering the preceding calendar year,” according to BSP Deputy Governor Mamerto E. Tangonan in a memo he signed on Dec. 13.
Based on BSP Memorandum No. M-2024-040, the BSP has revised the survey by streamlining the survey questions to be submitted online.
Tangonan said the new questions should facilitate more efficient data collection and easier consolidation of responses.
“In addition to streamlining the survey questions, the updated SPDP questionnaire introduces new questions regarding non-bank respondents' total asset values and whether BSls incur cost items exclusively for off-us payment transactions. lt also includes an updated set of options for describing the BSI's cost accounting, reporting, and monitoring processes,” he explained in the memo.
Last May, the BSP approved the guidelines on the pricing of electronic payments or e-payments to be adopted by both banks and non-banks to ensure “transparent, fair, and competitive pricing” of payment services.
The guidelines on e-payments pricing were based on the 2017 Circular No. 980 on the adoption of the National Retail Payment System (NRPS) Framework and the 2022 Circular No.1160 on the Regulations on Financial Consumer Protection to implement Republic Act No. 11765, otherwise known as the "Financial Products and Services Consumer Protection Act."
The pricing guidelines included details in pricing governance, on the reasonable and fair market-based pricing, responsible pricing, and transparent pricing.
Under pricing governance, the BSP said BSIs will adopt a policy on fees of retail e-payment transactions including the basis and quantitative support for the setting of fees or charges, and rationalization of the fee structure or amount. Such pricing policy will require monitoring, reporting and periodic review.
To ensure reasonable and fair market-based pricing, BSI's pricing policies should emphasize the importance of avoiding price-fixing agreements, adopting competitive fair pricing strategies, and ensuring reasonable cost recovery, said the BSP.