Paying suppliers and manufacturers in the Philippines: deposits, balances and the exact pesos on the pro-forma

Short answer. A supplier in the Philippines quotes in pesos or in dollars, asks for a 30% deposit and the balance against the shipping documents, and will not release the goods until the money is in the account. Storspay pays the exact figure on the pro-forma to the supplier's bank — BDO, BPI, Metrobank — at the mid-market rate for 1% all-in, usually within minutes, with the pro-forma number on the receipt. No correspondent bank, no short arrival, no week of waiting.

Who buys from the Philippines

BPO and customer-support teams, virtual assistants, developers and designers, nursing and healthcare recruitment agencies, accounting and bookkeeping firms, e-commerce operations teams — the buyers are importers in Nigeria, Kenya, Ghana and South Africa, distributors in the Gulf, and companies in the US, Canada, the UK and Europe sourcing from Metro Manila (Makati, BGC, Ortigas), Cebu, Davao, Clark and Iloilo. The supplier wants two things: the money to arrive exactly as invoiced, and to see it before the container leaves.

Deposit and balance, without the gap

Pay the deposit from your Storspay balance with the pro-forma number as the reference. When the documents are ready, pay the balance the same way; the supplier's bank shows two domestic credits that match the two invoice lines. If you buy from several suppliers, Run Payroll pays them in one batch with one fee line.

Paying from Africa

A business registered in Nigeria, Kenya, Ghana or any of our other African corridors funds its Storspay balance from its own local bank or mobile money at 2% and pays the Filipino supplier from that balance at 1% — no dollar queue at the bank, no agent, and a receipt that names the importer and the pro-forma. See Pay abroad from Africa, Latin America & Asia.

What is different about the Philippines

The Philippines is the world's second-largest BPO market and the home of the virtual assistant: millions of Filipinos are paid every fortnight by companies in the US, Canada, the UK and Australia. They are used to being paid to a BDO, BPI or UnionBank account by InstaPay in minutes — and to losing several per cent of each payment to the platform or the bank in between. Storspay delivers pesos at the mid-market rate with the 1% shown separately, and a fortnightly run for a whole team is one batch, one fee line, one receipt.

Documents, tax IDs and what the recipient's bank may ask

Inbound business payments to the Philippines are straightforward: the recipient's bank sees a domestic peso credit, and Bangko Sentral ng Pilipinas rules on foreign-currency inflows are handled before the money reaches the local rail. A Filipino contractor or agency will usually invoice with its TIN and, for registered businesses, its BIR registration; keep those with the Storspay receipt. Contractors are responsible for their own income tax; if you are paying employees of a registered Philippine entity rather than contractors, that entity runs payroll and withholding locally.

How a payment to the Philippines works on Storspay

1. Fund your balance in USD (ACH or wire), CAD (Interac e-Transfer or EFT), GBP (UK bank transfer) or EUR (SEPA) — to account details in your own business name. Funding is free.
2. Add the recipient once: their name as it appears on the account, the bank (BDO, BPI, Metrobank, UnionBank, Landbank, Security Bank, RCBC and the other BSP-supervised banks) and the account number. Storspay checks the account name before you confirm.
3. Type the amount in either box. Enter what you want to send and see the pesos that land, or type the pesos figure on the invoice and see what it costs you. The rate is the mid-market rate; the 1% is on its own line.
4. Confirm. The money goes over InstaPay or PESONet and usually lands within minutes — the same business day at most. The recipient gets a notification with the exact amount, and you get a receipt with the invoice reference.

Nobody in the Philippines has to sign up, install an app or touch anything other than their own bank account. Everything on the recipient side looks like an ordinary domestic transfer.

What it costs

Storspay charges 1% all-in on payments to the Philippines, with a minimum of US$2, at the mid-market rate. That one line covers conversion, settlement and delivery; there is no FX markup, no intermediary-bank charge and nothing deducted on the recipient side.

Rates in this guide are the mid-market rate on the day of writing (1 USD = 62.8267 PHP); the calculator on the homepage shows today's. Large payments are split automatically under the local channel cap, under one reference and one fee.

See what your team in the Philippines receives →

Questions businesses ask before the first payment to the Philippines

The supplier wants US dollars, not pesos. Can you do that?

Storspay pays Filipino bank accounts in pesos. Most suppliers who quote in dollars are happy to receive the pesos equivalent at the mid-market rate on the day — it is usually more than their own bank would have given them for the dollars.

Can I pay a supplier before my own verification is finished?

No. Business verification (KYB) comes first; it usually takes a day. After that every payment is immediate.

How do I show the supplier the payment is on its way?

Every payment has a receipt with the reference, the pesos amount and the status; forward it. The supplier's bank shows the credit within minutes of "Sent".

Can you pay GCash or Maya?

Not yet — Storspay pays Philippine bank accounts today, and e-wallets are on the roadmap. Most GCash and Maya users also hold a BDO, BPI, UnionBank or Landbank account.

How fast does a peso payment land?

Usually within minutes through InstaPay; larger amounts may route through PESONet and land the same business day.

Does the contractor pay anything on their side?

No. You pay 1% all-in (minimum US$2); the contractor receives the peso amount shown. Their bank does not charge for an incoming domestic credit.

Who this is for — and who it is not for

Storspay is for businesses and organisations: companies, agencies, schools, hospitals, facilitators, foundations and sole traders paying other businesses and professionals for work, goods and services. A sole trader counts as a business and signs up in their own name.

What Storspay is not is a personal money-transfer service. We do not open personal accounts, and every payment has to be a business transaction: an invoice, a contract, a fee note, work delivered. Money to family and personal transfers are not what this is, and we would rather say so now than at verification.