THE House of Representatives on Wednesday adopted House Resolution (HR) No. 905, filed by Majority Leader Ferdinand Alexander “Sandro” A. Marcos of Ilocos Norte, urging banks, remittance centers and other financial service providers to temporarily waive or reduce transaction and remittance fees to ease the financial burden on Filipinos in the Middle East and their families.
Marcos said HR 905 calls on financial institutions to adopt short-term relief measures as global oil price shocks linked to tensions in the Middle East continue to ripple through the economy.
“We are urging banks, remittance centers, and other financial service providers to extend temporary relief by waiving or reducing transaction and remittance fees, especially for Filipinos in the Middle East and their families who are bearing the brunt of rising costs,” Marcos said.
“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,” Marcos said.
The resolution cited the constitutional mandate for Congress to prioritize measures that “protect and enhance the right of all people to human dignity” and reduce economic inequalities, stressing the need to cushion the impact of rising costs on workers.
It noted that the ongoing crisis in the Middle East has disrupted oil supply, triggering sharp increases in fuel prices that cascade into higher costs for transportation, electricity and basic goods.
Despite staggered fuel price adjustments, the resolution warned that the full impact of increases “will still be excessively prohibitive to every Filipino worker.”
It added that rising fuel prices inevitably drive up the cost of services and goods, placing additional strain on households already grappling with inflation.
The measure also pointed to government efforts to mitigate the impact, including the implementation of flexible work arrangements such as compressed workweeks and work-from-home schemes, which in turn increase reliance on digital financial transactions.
“With a four-day workweek or work-from-home arrangement, online payment alternatives for the purchase of basic goods and necessities would be availed of by workers,” Marcos said in his resolution.
However, it noted that these transactions come with added costs. Interbank ATM withdrawal fees are set at P18, while online transfer charges can reach up to P25 — equivalent to as much as 3.6 percent of the daily minimum wage in Metro Manila.
Fees imposed by remittance centers, particularly for overseas and domestic transfers, further reduce the value of funds received by beneficiaries, the resolution added.
“During these challenging times… dependence on ATMs and online banking platforms… would only result in a more burdensome circumstance,” it said.
The measure emphasized the role of the Bangko Sentral ng Pilipinas (BSP) in maintaining price and monetary stability, noting that adjustments in banking fees could help ease financial pressures during periods of economic distress.
With no immediate resolution to the Middle East crisis in sight, the House resolution underscored the need for urgent intervention.
“It is imperative that Congress seek to adopt all measures available… to help Filipino workers withstand this challenging moment and to mitigate the impact of global price shifts,” it stated.
The resolution ultimately urges financial institutions to adopt temporary measures, including the waiver or reduction of fees, to provide immediate relief to affected Filipinos and their families.
