The Manila Times
A RESOLUTION pushing for the relief of automated teller machine (ATM), online transfer, and remittance fees has been pushed by House Majority Leader and Ilocos Norte Rep. Ferdinand Alexander “Sandro” Marcos, saying that the move would deliver “immediate and tangible savings to millions of Filipinos who depend on daily financial transactions.” This is part of his House Resolution (HR) 905, which the House Plenary adopted after the lower chamber went on a break last month. The resolution urged banks, remittance centers, and financial technology platforms to temporarily waive or reduce transaction fees to lessen the impact of rising costs. In a statement, Marcos said that the adoption of HR 905 is not only about helping overseas Filipino workers, but also providing immediate, practical relief to every Filipino who relies on the banking and digital financial system in their daily lives. He pointed out that the measure expands beyond remittances and directly targets everyday expenses faced by ordinary workers. “Today, millions of Filipinos use ATMs, online banking, e-wallets, and fund transfer services just to pay bills, buy food, send money to family, or manage basic household needs. But each transaction comes with a cost — fees that may seem small individually, but collectively impose a real burden, especially during a time of rising prices,” Marcos said. Marcos said that current interbank ATM withdrawal fees stand at P18, and online transfer charges can reach up to P25 per transaction — costs that, when incurred repeatedly, steadily reduce workers’ take-home pay. Remittance fees further diminish the value of funds sent by OFWs and received by their families, Marcos noted. “The adoption of House Resolution No. 905 is not only about helping our [OFWs], it is about providing immediate, practical relief to every Filipino who relies on the banking and digital financial system in their daily lives,” he added. Marcos pointed out that the resolution expands beyond remittances and directly targets everyday expenses faced by ordinary workers, noting that millions of Filipinos use ATMs, online banking sites, electronic wallets, and fund transfer services to pay bills, buy food, send money to family, or manage basic household needs. “But each transaction comes with a cost — fees that may seem small individually, but collectively impose a real burden, especially during a time of rising prices,” he said. It also noted that these fees have become an additional financial burden to ordinary Filipinos, at a time when the country is facing oil price shocks and inflationary pressures. Under the resolution, financial institutions are urged to implement short-term relief measures as global oil price shocks linked to tensions in the Middle East continue to ripple through the economy. It cites the constitutional mandate of Congress to “protect and enhance the right of all people to human dignity” and reduce economic inequalities, stressing the need to cushion the impact of rising costs on workers. The measure also calls on the Bangko Sentral ng Pilipinas (BSP) to lead the effort and encourage the financial sector to adopt relief measures, while calling on government financial institutions to set the example. “This is a moment where small adjustments can create large, tangible savings for millions of Filipinos. Every waived fee is money that stays in the hands of a worker, a parent, a student, or a small entrepreneur,” Marcos said.
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