The House of Representatives is appealing to banks, remittance centers, and other financial service providers to temporarily waive or reduce transaction and remittance fees to help ease the financial burden on Filipinos in the Middle East and their families back home.

This, after the 300-plus strong legislative chamber adopted during plenary session on Wednesday night, March House Resolution (HR) No. 905.

Authored by Majority Leader Ilocos Norte 1st district Rep. Sandro Marcos, the measure expresses the sense of the House in calling 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.

The House’s adoption of HR No. 905 indicates that the congressmen are one with Marcos in his timely appeal.

“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.

According to the presidential son, Filipinos in the conflict-ridden Middle East and their families in the Philippines "are bearing the brunt of rising costs".

The resolution noted that the situation in 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".

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 work week or work-from-home arrangement, online payment alternatives for 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 ATM 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.