Ilocos Norte 1st District Representative Sandro Marcos has urged banks and financial institutions to temporarily waive or reduce fees for ATM withdrawals, online transfers, and remittance services, citing the need to ease the financial burden on Filipinos affected by rising fuel and living costs.
Marcos said the House of Representatives recently adopted House Resolution 905, which encourages banks, remittance centers, and financial technology platforms to lower or suspend transaction fees.
“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 said.
At present, interbank ATM withdrawal fees are around ₱18, while online fund transfers may cost as much as ₱25 per transaction.
Marcos noted that while these charges may appear minimal per transaction, they accumulate significantly for families already struggling with inflation and global oil price pressures.
“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,” he said.
The resolution also urges the Bangko Sentral ng Pilipinas (BSP) to lead discussions with the banking sector to encourage lower fees, while calling on government financial institutions to take the lead in implementing reductions as an example for private entities.
Marcos emphasized that even small fee reductions could translate into meaningful savings for consumers.
“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,” he said.
He added:
“Ang bawat bawas sa bayarin ay dagdag sa pambili ng pagkain, pamasahe, at pang-araw-araw na pangangailangan ng ating mga kababayan. This is not just financial relief—it is economic fairness at a time when our people need it most.”