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Now Reading: AS BSP LIFTS FREEZE | Solon urges probe on looming 50% increase in ATM fees
AS BSP LIFTS FREEZE | Solon urges probe on looming 50% increase in ATM fees
August 13, 2019 , 08:35 PM

(AUGUST 13, 2019) — A lawmaker is seeking a probe on the looming increase of Automated Teller Machine fees on Tuesday, as the Bangko Sentral ng Pilipinas (BSP) lifts its 6-year moratorium on fee hikes.

Makati Representative Luis Campos filed House Resolution 210 which urges the House Committee on Banks and Financial Intermediaries to look into the effects of ATM fee hikes on ordinary citizens.

“Gusto lang po nating malaman kung papaano ang epekto nito sa mga ATM cardholders, lalong-lalo na iyong mga minimum wage earners na nagwi-withdraw ng kanilang sweldo by ATM twice a month,” said Campos.

According to Campos, ATM fees stand to increase by 50%, as this was the previous proposal of banks before the freeze in 2013.

From P10 to P15, customers may be charged from P15- to P30-worth of withdrawal fees.

“Kapag siningil ng mas mataas, mababawas ang pambayad sa renta, transportation. One peso more added to ATM fees will be one peso less for the other expenses,” said Campos.

House Deputy Minority Leader and Bayan Muna Rep. Carlos Isagani has refiled House Bill 2105 which seeks to prevent the increase of ATM charges.

Meanwhile, the BSP said the ATM fee increases will be regulated.

“Towards this end, the BSP has issued regulations that require banks to adhere to the principles of reasonable and market-based pricing in their ATM operations. As such, banks cannot increase the ATM fee on their own,” added in its statement.

In 2013, the BSP barred plans to increase interbank ATM transaction fees citing consumer protection issues. (Katrina Ventura/JMF)

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