Philippine central bank raises business transfer ceiling tenfold under Instapay

Previously, registered businesses could only transfer up to $822.6 (P50,000).

The Bangko Sentral ng Pilipinas (BSP) and Philippine Payments Management, Inc. (PPMI) have raised the maximum transfer limit for registered businesses tenfold in a bid to expand the country's digital payment system. 

Under the InstaPay for Business service, the maximum transfer limit for registered businesses was increased tenfold to $8,226.1 (P500,000) from $822.6 (P50,000). 

Also amongst the three digital payment initiatives launched on 29 July were the Direct Debit PH and InstaPay Cash-In.

The Direct Debit PH initiative allows customers to authorise billers to automatically collect payments from their bank accounts on scheduled due dates, which can be used for bills and other regular obligations; whilst the InstaPay Cash-In allows users to request funds from another person through their bank or e-wallet account. The recipient can then send the requested funds through the same system.

BSP Governor Eli M. Remolona, Jr. said interoperability and lower fees would help bring more Filipinos into the digital payments system.

“Interoperability and lower fees do more than lift transactions. They bring in more people. This is what financial inclusion looks like,” Remolona said.

BSP Deputy Governor Mamerto E. Tangonan said the initiatives were part of the central bank’s efforts to build a payment system that is safer, faster, more reliable and interoperable.

The BSP and PPMI also clarified the distinction between QR Ph and InstaPay QR, following changes made in 2024.

QR Ph is now used for person-to-merchant (P2M) payments, with merchants shouldering the transaction fees. InstaPay QR is used for person-to-person (P2P) fund transfers, which may carry fees depending on the account used.

($1.00 = P60.78)