Solon Calls BSP to Defer ATM Fee Hike Amid COVID-19 in the Philippines
Makati City Representative Luis Campos Jr. urges the Bangko Sentral ng Pilipinas (BSP) to reconsider and suspend their current plan to increase the fees for automated teller machines (ATMs) amid the COVID-19 pandemic in the Philippines.
At present, BSP is planning to implement a new policy that increases the ATM fees by 63% in the country.
Campos stated that “Our sense is, it might be more prudent to put off the effectivity of the new ATM charging model to spare Filipinos the aggravation, considering the extremely adverse economic backdrop of mounting joblessness and rising food price.”
Through Monetary Board Resolution 1680, BSP approved the shift from issuer-based to acquirer-based ATM model effective on April 7, 2021.
The new charging model will now collect its fee from the bank of the ATM owner for each transaction and balance inquiry. Currently, such fees are withdrawn from the bank that issued the ATM card for each transaction.
Two large banks have already announced that effective April 7, they will impose a fee of ₱18 of withdrawal transactions on cardholders of other banks. This is a rise from the current ₱7 to ₱11 charge.
Campos expressed the likelihood of other banks to follow suit unless BSP decides to suspend such implementation.
He added, “The banks can afford to keep their ATM charges at current levels.”