Majority Leader Ilocos Norte 1st district Rep. Sandro Marcos is pressing for action regarding the House of Representatives' earlier call for banks, remittance centers, and financial technology platforms to temporarily waive or reduce transaction fees to cushion the impact of rising costs.

Marcos, in a statement Friday, April 10, said such sweeping relief from automated teller machine (ATM), online transfer, and remittance fees would deliver immediate and tangible savings to millions of Filipinos who depend on daily financial transactions.

The proposal, incorporated in House Resolution (HR) No. 905 authored by Marcos, was already adopted by the House plenary before Congress went on summer break last month.

Interbank ATM withdrawal fees currently stand at P18, while online transfer charges can reach up to P25 per transaction—costs that, when incurred repeatedly, steadily reduce workers’ take-home pay.

For overseas Filipino workers (OFWs), remittance fees further diminish the value of funds received by their families back home in the country.

“The adoption of [HR] No. 905 is not only about helping our [OFWs]—it is about providing immediate, practical relief to every Filipino who relies on the banking and digital financial system in their daily lives,” Marcos said.

The presidential son pointed out that the measure expands beyond remittances and directly targets everyday expenses faced by ordinary workers.

“Today, millions of Filipinos use ATMs, online banking, e-wallets, and fund transfer services just to pay bills, buy food, send money to family, or manage basic household needs. But each transaction comes with a cost—fees that may seem small individually, but collectively impose a real burden, especially during a time of rising prices,” he said.

The measure notes that surging fuel prices linked to tensions in the Middle East have pushed up transportation, electricity, and food costs. This has further squeezed household budgets and increased reliance on frequent financial transactions.

“In the face of global oil price shocks and inflationary pressures, these fees effectively become an added expense on ordinary Filipinos already stretching every peso,” Marcos said.

The Ilocano says the resolution calls for across-the-board relief covering both overseas remittances and domestic transactions, including ATM withdrawals, digital payments, and fund transfers widely used by the general public.

“That is why we are urging banks, remittance centers, and financial technology platforms to temporarily waive or reduce transaction fees across the board—not only for remittances from abroad, but also for everyday ATM withdrawals, online transfers, and digital payments used by the general public,” he noted.

The measure also urges the Bangko Sentral ng Pilipinas (BSP) to lead the effort and encourage the financial sector to adopt relief measures, while calling on government financial institutions to set the example.

“This is a moment where small adjustments can create large, tangible savings for millions of Filipinos. Every waived fee is money that stays in the hands of a worker, a parent, a student, or a small entrepreneur,” Marcos further said.