The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved the suspension of charging of filing, processing, and licensing/registration fees for applications to provide electronic payment and financial services (EPFS).
This is an additional relief to BSP Supervised Financial Institutions (BSFIs) affected by the coronavirus disease 2019 (Covid-19) pandemic, the BSP said in a statement Tuesday.
The relief shall be effective for a period of six months from 8 March 2020, the date of declaration of the President of the state of public health emergency under Presidential Proclamation No. 922.
This period may be extended depending on the development of the Covid-19 situation.
Digital channels have enabled continued access to basic financial services, such as payments, fund transfers, and loan availment, and minimized the physical presence of clients at BSFI premises.
These channels include online banking facilities and electronic money platform that support critical payment use cases such as social benefit transfers, payments to merchants or billers, including the government, payments to suppliers, and remittances.
This effectively contributes to the physical distancing measures implemented by the government during the Luzon-wide enhanced community quarantine (ECQ) period to help curb the spread of Covid-19.