BSP: New pricing scheme for fund transfers out soon

The Bangko Sentral ng Pilipinas is set to release this week an exposure draft outlining a new pricing mechanism aimed at lowering fees for electronic fund transfers, according to BSP Deputy Governor Mamerto Tangonan.

- By KEISHA TA-ASAN

On the sidelines of HSBC's 150th anniversary party, Tangonan said he cleared the draft regulation earlier on Tuesday after ongoing talks with industry stakeholders.

The draft aims to address barriers that hinder more Filipinos from adopting digital payments.

"We've been talking to the industry. They have ideas," he told The STAR.

"We have support from most BSFIs (BSP-supervised financial institutions), but we'll see how we can accommodate into the final regulation the concerns of those who may find it unworkable," he said.