The Bangko Sentral ng Pilipinas (BSP) is about to conclude talks with banks and non-banks to exclude small e-payment transactions from fees in exchange for lower reserve requirements (RR). ManilaBulletin
“ almost there,” BSP Governor Felipe M. Medalla told Manila Bulletin. He’s referring to “no fees on small InstaPay transfers/payments.” This way, InstaPay transactions “will be as cheap as cash.”
It was in February earlier this year that Medalla first announced intentions to strike a deal with all banks – big banks, thrift banks, rural and cooperative banks as well as non-banks with quasi-banking functions -- to agree to a “cost-sharing system” to make digital payments more inclusive. He said the subsidy “is a very indirect one: we tell the banks, you cut the fees, we waive the RR. What you lose in waiving the fees, you get back in the lower RR.”
The RR ratios are different and depends on bank types and liabilities. At the moment, the current ratio is 12 percent for big banks, three percent for thrift banks and two percent for rural and cooperative banks. Non-banks with quasi-banking functions are required 14 percent RR.
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