The Central Bank of the Philippines assured the public that the increase in ATM fees would be only from P1 up to P3, Senator Grace Poe said on Monday.
“We were given assurance by Central Bank that there will be no sudden increase in ATM fees. The last time banks were allowed to increase was in 2013 up to a maximum P15,’’ said Poe.
Poe presided over the hearing of the Senate Committee on Banks, Financial Institutions and Currencies which she heads.
When asked if she was satisfied with the assurance of regulators that they will be strict in approving an increase, Poe replied, “I think that it is in the interest also of the Bangko Sentral to be very, very prudent in approving the fees because we have oversight.”
“So if there’s a complaint that it goes beyond a certain amount and it’s unreasonable, they can be called again, why did they allow it?’’
Poe believes that Bangko Sentral is very careful in issuing approvals since they can always be questioned.
The senator noted that now, every peso is important so this will be scrutinized first by the Central Bank before agreeing to an increase in ATM fees.
Also, the transaction with charge is between your bank and another bank if you are going to use its machine. She said this is not applicable if you are using your own bank and ATM which imposes no charge.
The banks had said that the ATM fee increase is needed for service maintenance.
“Instead of convenience since we no longer need to go to a bank or wait for a banking to withdraw money, this sometimes became an inconvenience due to the blockbuster queuing at the ATM,” she said.
She added that this even worse for OFWs who have to pay additional charges when sending their hard-earned money to their families.
She said the imposition of these additional fees is considered somewhat burdensome by majority of bank customers.
Poe said this is why through Senate Bills 635, 438, 683 and Senate Resolution 96, the Senate would be looking into these fees to ensure that everyone’s hard-earned money is protected.
Poe added that they also want to address the online lending fiasco which has unabatedly proliferated in the past few months.
Apparently, she said there are certain mobile applications that make it easier for someone to loan money but require access to your contacts, camera, and other personal information before you can use these apps.
“These apps message people in your contacts or upload your personal photos without your consent to pressure you to pay your debt.”
“This is alarming. Not only is this a privacy issue, but also an economic and security concern, as this creates a financial environment that is disadvantageous to the Filipinos. Through Senate Resolutions 121 and 136, we seek to investigate these online lending applications and look into the legal mechanisms involved,” explained Poe.