The Bangko Sentral ng Pilipinas (BSP) disclosed on Monday that the Bankers Association of the Philippines (BAP) was receptive to bringing down transaction costs in lieu of lowering the reserve requirement ratio (RRR). Know more:
THE Bangko Sentral ng Pilipinas disclosed on Monday that the Bankers Association of the Philippines was receptive to bringing down transaction costs in lieu of lowering the reserve requirement ratio .
“A recent example of this stronger guidance was provided in last week’s bankers’ night when we said we will reduce the RRR. We hope in return, the banks will waive all fees for small transactions when people make bank to bank payments,” Medalla said in his speech on Monday. He said the reduction may be done in several cuts and will be subject to the slowdown in the inflation rate. The cuts may only happen if the inflation rate is “clearly moving toward the targets” to avoid confusing the market.
Medalla said the removal of transaction costs will only cover mobile-to-mobile or QR transactions. This is one of the ways by which the BSP aims to attain financial inclusivity.
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