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Bank of the Philippine Islands President and Chief Executive Officer Jose Teodoro “TG” Limcaoco is calling for the conditional reduction of the reserve requirement ratio of big banks for them to cut down interbank transfer fees, but the Bangko Sentral ng Pilipinas governor said he preferred a uniform adjustment.
Limcaoco said BPI conducted a study on the costs that come with interbank transfers and found that it pays P3 to MasterCard for InstaPay fees, P1 to send the one-time password to customers, and P22 expenses which covers cybersecurity and call centers.“They keep saying P3, but you’re charging P25. I said, 'Well, because it’s not only P3. We need cybersecurity, we need call centers to answer all the questions.' We actually did a costing. Our cost for every transfer is about P22.
Bank Of The Philippine Islands Bangko Sentral Ng Pilipinas Reserve Requirement Ratio
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