Manila: Bank of the Philippines (BPI) announced that the PHP10 reduced InstaPay transfer fee will become a permanent feature for inter-bank fund transfers made through the BPI app and BPI online. This decision is part of the bank’s initiative to make digital financial services more affordable for its customers.

According to Philippines News Agency, the bank initially reduced the InstaPay transfer fee from PHP25 to PHP10 as a promotional rate to encourage customers to utilize digital platforms for managing their finances. BPI’s head of consumer banking, Maria Cristina Go, stated that the promotion introduced last March received a positive response, with increased transactions observed through the bank’s online and mobile banking channels.

BPI emphasized that the lower InstaPay fees are aimed at promoting greater financial inclusion. The bank believes this change will help customers retain more of their money, particularly when making frequent interbank fund transfers.