(Eagle News)–Senator Grace Poe has joined calls to nix the proposals to increase automated teller machine transaction fees.
In a statement, Poe said an increase in the fees would only further burden Filipinos, who actually only “lend” their money to the banks when they store it in accounts.
“Kung nagwi-withdraw tayo, kinukuha lang natin kung ano ang atin. Bakit ang laki ng kaltas sa bawat transaction, tapos may hiling pang dagdag ngayon?” she asked.
She noted that as it is, there is a low interest rate on savings, but banks charge high fees for merely balance inquiries and withdrawals.
At present, bank charges range from P10 to P15 for interbank withdrawals and P2 for interbank balance inquiry.
According to Poe, regardless of the amount, any increase in bank charge is “disadvantageous to an estimated 4.1 million minimum-wage earners who would need to carry the burden of these fees as many of them receive their salaries through ATM cards and withdraw from these machines at least twice a month.”
“The practice of imposing hefty bank fees, including ATM charges is financially disadvantageous to our country’s more than 58 million ATM cardholders,” she said.
The Bangko Sentral ng Pilipinas has said less than ten banks applied for the higher ATM transaction fees.
Senator Lito Lapid on Thursday, Aug. 15, urged the BSP to consider the effect of increased automated teller machine fees on workers when studying the applications for the same.
“Wag na sana nating dagdagan pa ang pasanin ng ating mga kababayan, lalo na ng mga manggagawa na kakarampot na nga ang kinikita ay mababawasan pa,” Lapid had said in a brief statement.
According to Lapid, increasing ATM transaction fees will also discourage Filipinos from keeping their money in the banks.
The said said it would take them 20 days to complete an evaluation of all the applications