PHI CB issued memo setting out Guidelines on pricing of electronic payments to ensure transparent, fair, and competitive pricing structures of payment services for end-users.
Follows PHI CB Dec. 2021 issued a moratorium on transfer fee increase, see #125185.
Also follows PHI CB Nov. 2022 implemented consumer protection act, see #154706.
Overview of Guidelines
The guidelines concerns PHI CB circular re the adoption of the national retail payment system framework, and PHI CB circular about regs on financial consumer protection.
Guidelines comprise of three principles, i.e., reasonable and fair market-based pricing.
In addition, responsible pricing, as well as transparent pricing; PHI CB guided that supervised institutions shall adopt a policy on fees of retail e-payment transactions.
Namely, including quantitative support for fee setting, rationalization of fee structure.
It is recommended to establish effective management systems to generate reports on costs and fee structures, conduct a review on pricing policies, ensure that their feedback mechanism support continuous improvement to meet end-user needs.
Supervised institutions shall adopt pricing models that do not arise from agreements with other supervised institutions to fix the price of product or service delivery.
Shall provide e-payment services that are affordable for clients and sustainable for them; appropriately implement fee disclosure to end-users and regulatory reporting.
Guidelines include annex A, which is an annual survey regarding pricing practices.
In addition, PHI CB requested this survey be submitted by Jun. 24, 2024; and within 30 days from end of the reference calendar year for succeeding submissions.
Effectiveness
Survey on Pricing of Digital Payments (SPDP) above is due by Jun. 24, 2024, and within 30 days from end of the reference calendar year for succeeding submissions.
Dec. 2024 Survey Submission Reminder
On Dec. 13, 2024, PHI CB encouraged all supervised institutions (BSIs) to submit their responses to the SPDP by end-May of each year, with data and information covering the preceding calendar year for the succeeding runs of the SPDP from Jan. 2025.
The introduction of an online SPDP questionnaire aims to facilitate more efficient data collection and easier consolidation of responses, for the faster release of the report.
Updated questionnaire introduces new questions on non-bank respondents' total asset values and whether BSls incur cost items exclusively for off-us payment transactions.
Plus updated set of options for describing BSI's cost accounting, reporting, monitoring.
Document dated Dec. 13, 2024, received from PHI CB Dec. 16, summarized Dec. 19.
