- Filipinos are moving money digitally at a much faster pace, with transfers through InstaPay and PESONet reaching ₱19.16 trillion in the first seven months of 2026, according to the Bangko Sentral ng Pilipinas (BSP).
- The combined value of transactions jumped nearly 45% from ₱13.23 trillion during the same period last year, while the number of transactions more than doubled to 4.98 billion.
- The surge came as banks and e-wallets began cutting or removing transfer fees in July, making digital fund transfers cheaper for consumers and businesses.
Filipinos are moving money digitally at a much faster pace, with transfers through InstaPay and PESONet reaching ₱19.16 trillion in the first seven months of 2026, according to the Bangko Sentral ng Pilipinas (BSP).
The combined value of transactions jumped nearly 45% from ₱13.23 trillion during the same period last year, while the number of transactions more than doubled to 4.98 billion.
The surge came as banks and e-wallets began cutting or removing transfer fees in July, making digital fund transfers cheaper for consumers and businesses.
BPI was the first major bank to permanently waive interbank transfer fees starting July 1, followed by other financial institutions that introduced their own fee reductions or waivers.
InstaPay saw the sharper increase in activity, with transaction value rising 60% to ₱9.51 trillion. Its transaction volume also more than doubled, reaching 4.9 billion transactions.
The real-time payment system is commonly used for everyday transfers, purchases, e-commerce payments, tolls, and tickets, with transactions capped at ₱50,000.
PESONet, which is designed for larger-value transfers, recorded ₱9.65 trillion in transactions, up 32% from a year earlier.
The numbers show how much Filipinos and businesses rely on electronic fund transfers and how lower fees could make digital payments even more attractive.