Gatchalian to BSP: Banks should continue to waive transfer fees

To help ramp up the digitization of financial services in the country, Senator Win Gatchalian on Friday urged the Bangko Sentral ng Pilipinas (BSP) to enjoin more banks and electronic-money issuers (EMIs) to offer free online bank transfers and transaction fees.

The vice chair of the Senate committee on banks made the call to help accelerate the shift to digital transactions of the financial services in the country in line with the BSP’s digital payments transformation roadmap (DPTR) until 2023.

The BSP has earlier announced that 17 banks will continue to waive PESONet fees while eight others will not collect InstaPay fees until December 31.

These banks started to waive PESONet and InstaPay transaction fees last year as part of their contribution to the government’s fight against the Covid-19 pandemic.

“Cashless transaction na ang ‘new normal.’ Mas tatangkilikin ito ng publiko kung wala na silang babayarang transaction fees,” Gatchalian said.

“Kung may mga bangko na nagawang suspindihin ang pagkolekta ng transaction fees magmula nang magka-pandemya noong isang taon hanggang sa ngayon, maaari rin itong ipatupad ng iba pa,” he said.

“Habang tuloy-tuloy ang pandemya, sana tuloy-tuloy din ang libreng transaction fees lalo na’t marami pa rin ang hindi nakakabalik sa kanilang trabaho at malaking tulong sa kanila kung hindi na sila magbabayad ng bank transaction fees,” he added.

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Source: Latest Politics News Today (Politics.com.ph)