Roughly 1.6 million people who bank through the PNB Digital mobile app will stop paying to send money out of their accounts starting July 10, when Philippine National Bank drops its charges on InstaPay and PESONet transactions.
The waiver covers transfers to every domestic bank and e-wallet, the lender said Wednesday.
Edwin Bautista, PNB’s president and chief executive, tied the announcement to the bank’s 110th year in operation. “As we celebrate PNB’s 110th anniversary, we want to give back to the customers who have placed their trust in us through the years,” he said.
He framed the decision as a matter of reach rather than promotion. “Waiving transfer fees is one way we can make banking more convenient and help more Filipinos move their money with greater ease and confidence. It reflects our continuing commitment to accessible, inclusive and customer-centered banking.”
Three other lenders got there first. Bank of the Philippine Islands opened the round by announcing free transfers effective July 1. Rizal Commercial Banking Corp. followed on July 4, and Land Bank of the Philippines on July 7. The pattern reflects an industry-wide push to build out digital services and pull more customers toward electronic payments.
PNB stock closed Wednesday at P58.05, down P0.15, or 0.26 percent.
Bautista said the bank intends to keep spending on its digital platform, which he described as an effort to make banking “simpler, more accessible and more rewarding for every Filipino.”
