By Jose Cielito Reganit
MANILA – House of Representatives Majority Leader Ferdinand Alexander “Sandro” Marcos of Ilocos Norte on Friday pressed for sweeping relief from automated teller machine (ATM), online transfer, and remittance fees to provide immediate and tangible savings to millions of Filipinos who depend on daily financial transactions.
The proposal has been incorporated in House Resolution (HR) 905, authored by Marcos, which was adopted by the House plenary before Congress went on a break last month, urging banks, remittance centers, and financial technology platforms to temporarily waive or reduce transaction fees to cushion the impact of rising costs.
Interbank ATM withdrawal fees currently stand at PHP18, while online transfer charges can reach up to PHP25 per transaction – costs that, when incurred repeatedly, steadily reduce workers’ take-home pay.
For overseas Filipino workers (OFWs), remittance fees further diminish the value of funds received by their families.
“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,” Marcos said in a statement.
“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 – fee that may seem small individually, but collectively impose a real burden, especially during a time of rising prices.”
HR 905 notes that surging fuel prices linked to tensions in the Middle East have pushed up transportation, electricity, and food costs, further squeezing household budgets and increasing reliance on frequent financial transactions.
It calls for across-the-board relief covering both overseas remittances and domestic transactions, including ATM withdrawals, digital payments, and fund transfers widely used by the general public.
HR 905 urges financial institutions 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 warns that despite staggered fuel price adjustments, the full impact of increases “will still be excessively prohibitive to every Filipino worker,” especially as inflation persists.
With no immediate resolution to the Middle East crisis, the House resolution stresses the need for urgent intervention, urging financial institutions to adopt temporary fee reductions to provide immediate relief to Filipinos and their families.
“That is why we are urging banks, remittance centers, and financial technology platforms to temporarily waive or reduce transaction fees across the board – not only for remittances from abroad, but also for everyday ATM withdrawals, online transfers, and digital payments used by the general public,” Marcos said. (PNA)
