Philippine Banks: Fee waivers support the longer-term case for the sector

Research evidence excerpt

Philippine Banks: Fee waivers support the longer-term case for the sector

J P M O R G A N Asia Pacific Equity Research

09 July 2026

Philippine Banks

Fee waivers support the longer-term case for the sector

Major Philippine banks have moved to waive interbank transfer fees (InstaPay and Asia-ex Banks

ACPESONet), with BDO and Metrobank (link) waiving fees, following BPI’s lead Daniel Andrew Tan, CFA

last week (link). E-wallet Maya has also reduced its InstaPay fee to Php10 per (63-2) 8554-2413

transaction from Php15 (link). This follows BSP’s directive last month (link), danielandrew.o.tan@jpmorgan.com

which includes guidance that inter-company payments should not be materially J.P. Morgan Securities Philippines, Inc.

different from fees for transfers within the same company (only covering switching Harsh Wardhan Modi AC

costs). This shift is not entirely unexpected, with zero fees already being discussed (65) 6882-2450

harsh.w.modi@jpmorgan.com

over the last few years. J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

While we do see a negative EPS impact (1-3% on an annual basis in our estimate),

Jeanette Yutanthis shift will reduce friction costs for consumers transacting in the financial

(63-2) 8878-1188

system. Along with various shifts over the last few years (interoperability via jeanette.g.yutan@jpmorgan.com

InstaPay, standard QR called QR PH, rollout of national ID [though not required J.P. Morgan Securities Philippines, Inc.

for all Filipinos], better bank capabilities, discussed in more detail in link), this

suggests an improving set of externalities which supports the longer-term growth

and participation of consumers in the financial system. These have contributed to