CEBU CITY, Philippines—Cebu City Councilor Alvin Dizon urged banks to consult the public and be transparent on their plans to increase fees on cash withdrawals using automated teller machines (ATM).
The increase may be imposed after the Banko Sentral ng Pilipinas (BSP) recently lifted the moratorium on ATM fees, which was imposed in September 2013.
This will allow the banks to impose a higher fee for the use of the ATM from its regulated P10-15 per cash withdrawal to P20-30 or more, especially for interbank transactions.
Dizon said that the increase in ATM fees would “adversely” affect the minimum wage earners, who are the most common users of ATMs.
With this, Dizon said the city government, especially the city council, should give a platform for the public, the consumers, to air out their concerns regarding the fees.
“It is compelling to give the people a voice through the council,” he said.
Dizon proposed to the City Council on Tuesday, August 20, 2019, for a public consultation so consumers may understand the additional fees they will have to pay.
He also asked for the council to urge the banks to create a scheme for transparency regarding the fees, so the public can make economic decisions regarding ATM usage.
The City Council agreed to do so. Furthermore, the council will also be writing to the Senate, asking the nation’s legislative body to probe the increase of ATM fees among banks and create measures to regulate this.
Dizon said the City Council can only do much to help ease this additional burden to the public through information and legislative intervention.
“The business of banking is undeniably imbued with public interest. It is an industry where the general public’s trust and confidence in the system is of paramount importance,” he said. /bmjo