Senator Villanueva urges bank compliance on BSP order to waive digital fund transfer fees

Senator Joel Villanueva is calling for the firm enforcement of the Bangko Sentral ng Pilipinas (BSP) directive, which encourages banks to waive digital fund transfer fees amid the global energy crisis.

Aside from this, he is also pushing for broader loan relief measures to support borrowers during this period.

As chairperson of the Senate committee on banks, Villanueva stated that the current move is a necessary response to existing conditions.

He also noted that it serves as a preview for future, permanent consumer protection policies.

Villanueva noted that "The BSP is doing exactly what a responsible central bank should do in a crisis, making it easier, not harder, for ordinary Filipinos to move money."

He further emphasized the need for long-term solutions, stating, "We cannot keep relying on emergency waivers and moral suasion. Consumers deserve protection that does not disappear when the crisis passes.”

The Monetary Board earlier issued Resolution No. 296, dated April 8, 2026 allowing banks to grant a grace period of up to six months on loan payments for borrowers significantly impacted by the State of National Energy Emergency declared on March 24, 2026.

Borrowers in the farm sector are eligible for extended relief, with payment deferrals of up to one year, subject to bank evaluation.

The resolution stipulates that affected loans may be temporarily excluded from "past due" or "non-performing" classifications for up to one year to prevent technical defaults.

Aside from providing loan relief, the BSP is urging banks and e-wallet providers to temporarily suspend fees for digital transactions, such as InstaPay and PESONet transfers. The central bank noted that reducing these costs is essential to minimizing the need for in-person banking during this emergency.

It is important to note that while the BSP has framed this request as urgent, the suspension of fees remains voluntary for financial institutions.

"Every time there is a crisis — a pandemic, an oil shock — the BSP scrambles to convince banks to waive transfer fees, and banks treat it as optional. That is the gap we need to close," Villanueva said.