The House of Representatives appealed to banks, remittance centers, and other financial institutions to reduce or temporarily waive transaction and remittance fees to help ease the financial strain on Filipinos as global oil prices continue to climb due to the ongoing conflict in the Middle East.
The call came after lawmakers approved House Resolution 905, authored by House Majority Leader Sandro Marcos, through a voice vote.
Marcos warned that the surge in fuel costs is expected to drive up prices of goods, services, and industries dependent on oil, making it necessary to ease additional financial charges imposed on consumers.
He noted that workers are increasingly relying on digital and cashless transactions, especially with the growing adoption of work-from-home and alternative work arrangements. As a result, many are turning to online payment platforms to purchase essential goods without the need to travel.
To help cushion the impact, Marcos emphasized the need to reassess transaction fees imposed by banks and non-bank financial institutions, particularly for digital and online services, during this period of economic strain.
He pointed out that ATM withdrawal fees for non-account holders can reach P18, while interbank online transfer fees can go as high as P25, amounts that already represent a notable portion of the daily minimum wage in Metro Manila.
In addition, Marcos highlighted that remittance fees, both domestic and international, place an added burden on users, especially overseas Filipino workers and their families, as service charges vary depending on the amount and method of transfer, reducing the funds ultimately received.
With the Middle East crisis expected to persist, Marcos said Congress must explore all possible measures to support Filipino workers and mitigate the effects of rising global prices. He stressed that adjusting banking-related costs is a practical step in addressing current economic challenges.
The resolution urges financial institutions to implement temporary relief measures, including lowering or waiving fees, to help Filipinos, particularly those working abroad and their families, cope during this period of economic uncertainty.
