The Bangko Sentral ng Pilipinas (BSP) has summoned commercial lenders that have failed to lower their digital fund transfer fees, demanding justification for transaction charges that regulators say violate new fairness guidelines.

BSP Deputy Governor Mamerto E. Tangonan said the central bank called in specific banks for discussions following an internal assessment of the industry’s pricing mechanisms.

“We invited them to come over for a discussion. I just want to understand why,” Tangonan told reporters.

The BSP's review evaluated how lenders distribute the costs of information technology systems, fraud management, cybersecurity, and customer support across their networks.

“Our circular says pricing should be fairer and more reasonable,” Tangonan said. However, he questioned why these operating expenses are largely passed on to interbank transfers while same-bank (on-us) transactions are often offered for free.

Under the new rules, the BSP expects a more equitable distribution of these costs. Tangonan explained that if a digital platform maintains a ₱10 fee for transfers to other banks, its internal transfers should reflect a comparable cost basis to be deemed fair.

Since the BSP lifted its five-year freeze on fund transfer fees, several lenders have moved to permanently waive or lower charges for transactions made via InstaPay and PESONet. These include the Bank of the Philippine Islands (BPI), Land Bank of the Philippines, Union Bank of the Philippines, Rizal Commercial Banking Corp. (RCBC), digital bank Maya, and e-wallet GCash.

While institutions like BPI and Land Bank have adjusted their rates, others—including RCBC, Maya, and GCash—are still expected to meet with regulators this week to review their new fee structures.

While the BSP has a supervisory framework that allows it to penalize non-compliance, Tangonan said he is prioritizing dialogue over sanctions.

“It’s not good to start by punishing them right away. Once we’ve explained it clearly and they still refuse to comply, then that’s a different matter,” he said.

Addressing concerns regarding potential revenue losses from lower fees, Tangonan noted that banks offer a wide range of diversified financial products—including savings, loans, insurance, bonds, and investments—suggesting they have ample revenue streams beyond transaction fees.