J P M O R G A N Asia Pacific Equity Research 09 July 2026 Philippine Banks Jeanette Yutan (63-2) 8878-1188 Fee waivers support the longer-term case for the sector Major Philippine banks have moved to waive interbank transfer fees (InstaPay and PESONet), with BDO and Metrobank (link) waiving fees, following BPI's lead last week (link). E-wallet Maya has also reduced its InstaPay fee to Php10 per transaction from Php15 (link). This follows BSP's directive last month (link), which includes guidance that inter- ...