The Bangko Sentral ng Pilipinas (BSP) has urged banks and financial institutions to suspend their charges and fees for online transactions.
BSP Governor Benjamin Diokno has cited the use of Instapay and Pesonet as examples of electronic fund transfer which will be convenient to the public especially during the Corona Virus Disease 2019 (COVID-19) pandemic.
BSP Gov. Diokno has also encouraged banks to give aid to their employees affected by the current crisis.
The banks that have not yet submitted their supervisory report will not be issued a penalty, and 60 days will be given to settle their obligations with the BSP due to COVID-19.
