Banks seek P10 to P15 hike in interbank ATM fees: BSP official

ABS-CBN News

Posted at Sep 23 2019 09:20 PM

MANILA - Several banks want to hike interbank ATM transaction fees by P10 to P15, an official of the Bangko Sentral ng Pilipinas (BSP) said on Monday. 

BSP Fintech Subsector Senior Director Vicente de Villa III however said they have yet to approve any petition for a hike in ATM fees. 

He said banks have to justify the proposed hikes and provide detailed breakdowns of the cost of ATM operations. 

"Yung costing breakdown nila--ano ho ba yung hardware cost? Software cost? Ano yung other costs like CCTV, security costs?" de Villa told the Senate Committee on Banks, Financial Institutions, and Currencies. 

De Villa said the BSP was likely to approve ATM fee hikes of only P1 to P3. 

He added that banks should make sure the higher fees would be explicitly visible on their ATMs to let consumers choose whether or not to proceed with a transaction.

Senator Grace Poe, chairperson of the Senate panel, said the industry and government should make sure any changes would be carefully communicated to the public, and would not harm the banking public.

Most banks in the country have asked for higher ATM fees after a 2013 moratorium on hikes was lifted.- Report from Bruce Rodriguez, ABS-CBN News