Philippine lawmakers are pressing financial institutions to roll back transaction and remittance charges, citing the compounding financial strain on overseas Filipino workers in the Middle East and their relatives at home.
The call came after the House of Representatives passed House Resolution No. 905 during plenary session Wednesday night, authored by Majority Leader Sandro Marcos of Ilocos Norte’s first district.
The resolution draws a direct line between the ongoing Middle East conflict and rising domestic costs, noting that disruptions to oil supply have pushed fuel prices upward, driving up expenses for transportation, electricity, and basic goods. Even with staggered price adjustments already in place, lawmakers warned the cumulative effect would remain beyond what most Filipino workers could absorb.
Marcos framed the appeal as a practical ask of the private sector at a critical moment. “Given the continuing tensions in the Middle East and the resulting pressure on global oil prices, we believe financial institutions can play a critical role in easing the burden by adopting short-term measures that provide immediate, practical relief,” he said.
The resolution also flagged the cost implications of government-endorsed work arrangements — compressed workweeks and work-from-home setups — which have increased dependence on digital payments and electronic transfers. Interbank ATM withdrawals carry a P18 fee, while online transfers can cost up to P25, a figure the resolution noted amounts to as much as 3.6 percent of Metro Manila’s daily minimum wage.
For OFWs, remittance fees compound the problem further by eroding the value of funds before they even reach their intended recipients.
“During these challenging times… dependence on ATM and online banking platforms… would only result in a more burdensome circumstance,” the resolution stated.
The BSP’s mandate over monetary and price stability was cited as a basis for calling on the sector to act, with the resolution positioning fee adjustments as consistent with the central bank’s broader stabilization role during periods of economic stress.
