The Bangko Sentral ng Pilipinas (BSP) is urging all supervised financial institutions (BSIs) to participate in the annual digital payment pricing survey, the Manila Bulletin reports.
Called the Survey on Pricing of Digital Payments (SPDP), this initiative aims to foster transparency and accuracy in the pricing of electronic payment services across the Philippines.
BSP recently concluded its initial SPDP, gathering data from 2023. However, the next survey cycle begins on 1st January 2025, and will cover the 2024 calendar year. Therefore, all BSIs should submit their responses by the end of May 2025.
To streamline the process, the BSP has revised the survey. Furthermore, it has introduced a new online submission format. The updated questionnaire now includes questions on non-bank respondents’ total asset values.
Additionally, it includes questions on cost allocation for off-us transactions, along with BSIs’ cost accounting and reporting procedures. Ultimately, these changes intend to facilitate efficient data collection and analysis.
This initiative builds upon the BSP’s guidelines on e-payment pricing, introduced in May 2023. These guidelines emphasise transparent, fair, and competitive pricing practices for both banks and non-banks.
Moreover, these guidelines are rooted in the National Retail Payment System (NRPS) Framework and the Financial Products and Services Consumer Protection Act. They cover key aspects such as pricing governance, reasonable market-based pricing, and responsible pricing strategies.
All in all, by encouraging participation in the digital payment pricing survey, BSP aims to ensure that e-payment pricing remains transparent and competitive.
This will promote consumer protection and contributes to the growth of the digital economy in the Philippines.
Featured image credit: Edited from Unsplash
