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MANILA, Philippines – A lawmaker urges the country’s largest banks to defer re-imposing fees for online fund transfers until at least December 31 this year.
House Majority Vice Leader and Representative for Bagong Henerasyon, Bernadette Herrera, appealed, saying it is “right” that banks “continue to provide relief to their struggling customers by extending their waiver of transfer fees funds online, “especially as the country continues to deal with the coronavirus pandemic.
The BSP previously urged all entities under its regulation to waive such fees to encourage the public to use online banking to slow the spread of the coronavirus.
However, Herrera said that as of Thursday, October 1, several banks are reimposing interbank fund transfer fees.
Meanwhile, the lawmaker said that Land Bank of the Philippines, Development Bank of the Philippines, Union Bank of the Philippines, Asia United Bank, Security Bank Corp., Sterling Bank of Asia, Standard Chartered Bank and Hongkong Shanghai Banking Corp. have agreed to suspend the Funds transfer fees until December 31st.
“If smaller banks can afford to forgo fund transfer fee income, I don’t see any reason why the big banks can’t do the same,” Herrera said.
“Little things like the temporary waiver of fees for digital funds transfers help ensure that more people transact online when people stay at home and social distancing is encouraged,” he added.
In a statement issued Thursday, Herrera also criticized GCash and PayMaya’s decision to begin charging fees to their customers for the use of the electronic payment mechanisms PESONet and InstaPay as of October 31.
“The other financial institutions chose to waive the electronic payment charges until December 31 of this year. They did [a] prudent and compassionate decision, ”Herrera said.
“For the poor, who have been using electronic payments for the first time during this pandemic, fees would be yet another disincentive to use electronic payments. They would again have little or no access to financial services. They will be unbanked again, “he added.[ac]
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