BSP TO BANKS: NIX FEES ON SMALL TRANSACTIONS

By Cai U. Ordinario @caiordinario

REMOVING transaction fees may fast-track efforts to promote inclusive digital finance to benefit poor Filipinos, according to the Bangko Sentral ng Pilipinas (BSP).

I n his speech at the annual reception for the banking community last Friday, BSP Governor Felipe M. Medalla said a transaction fee worth P15 may still be high, especially for the poor.

T he BSP Governor said the banking community as well as the government may be able to “find a cost-sharing system” that will exclude small payments from fees.

“And one way to make it more inclusive, and I’m sure we can work together to achieve it, is if small transactions... will be free of charge so that the poor can also use digital payments.

Because if the transaction is small and the fee is P15—it’s quite large relative to the transaction,” Medalla said.

Medalla said this is worth pursuing, provided that transactions are below a certain number or around three transactions per day.

“ There is a way of sharing costs.

I promise you, the central bank, will be in a greater hurry to cut reserve requirements so you can afford to give those [concessions],”

Medalla said by way of stressing his pitch.

See “BSP,” A2

Immigration Chief Warns Public Vs Crypto Scam Rings

By Joel R. San Juan @jrsanjuan1573

THE Bureau of Immigration has warned the public not to fall victim to cryptocurrency scam syndicates that are using social media platforms such as Tiktok to lure Filipinos to work overseas.

B I Commissioner Norman Tansingco issued the warning after conducting an investigation on