Digital Transactions in the Philippines Surpass P16 Trillion in First Half of 2026

Digital transactions in the Philippines have reached a remarkable milestone, surpassing P16.09 trillion (approximately $290 billion) in the first half of 2026. This figure represents a 44.6 percent increase from P11.13 trillion (about $203 billion) during the same period last year, according to data from the Bangko Sentral ng Pilipinas (BSP).

The surge in electronic fund transfers is primarily attributed to the two major systems, InstaPay and PESONet. InstaPay processed transactions worth P7.98 trillion (around $145 billion), marking a 60.3 percent rise from P4.98 trillion ($90 billion) in the first half of 2025. The volume of transactions through InstaPay more than doubled, increasing by 166.4 percent to 4.20 billion from 1.52 billion.

PESONet also demonstrated significant growth, handling P8.11 trillion (approximately $147 billion) in transactions, a 31.9 percent increase from P6.15 trillion ($111 billion) a year earlier. The volume of PESONet transactions rose by 13.8 percent to 64.06 million from 56.28 million.

“Lower transaction costs are expected to encourage more Filipinos to shift to digital payments.”Mamerto Tangonan, BSP Deputy Governor

In June alone, the combined value of transactions processed through both systems reached P2.91 trillion (about $52 billion), with InstaPay accounting for P1.42 trillion ($26 billion) and PESONet for P1.49 trillion ($27 billion). Despite a slight month-on-month decline in transaction value for InstaPay, the year-on-year growth remains significant, with June 2026's figures reflecting a 54.8 percent increase compared to June 2025.

Officials from the BSP have noted that the reduction or elimination of transfer fees by many banks is expected to further stimulate the adoption of digital payments. Major banks, including Bank of the Philippine Islands, Banco de Oro, and Union Bank of the Philippines, have waived fees for interbank transfers, while e-wallet services such as GCash and Maya have reduced their fees to P10 (approximately $0.18) from P15 ($0.27).

BSP Deputy Governor Mamerto Tangonan emphasized the importance of lowering transaction costs for encouraging more Filipinos to embrace digital financial services, as high fees have historically deterred users. The BSP's recent pricing framework aims to ensure that interbank transfer fees remain competitive with those for transfers within the same bank or e-wallet.