THE COUNTRY’S leading banks have extended free digital cash transfers after the Bangko Sentral ng Pilipinas (BSP) waived the fees of fund transactions made through the BSP until the end of 2021 allowing banks and financial institutions to promote digitalization amid the changing consumer behavior due to the global COVID-19 pandemic.
Metrobank has extended the waiver of fees for InstaPay and PESONet transactions until the end of March this year. China Banking Corp. also waived InstaPay and PESONet fees until March 31. Aboitiz-led Union Bank of the Philippines has also waived the fees for InstaPay transactions until March 31, while Yuchengco-led Rizal Commercial Banking Corp. (RCBC) extended the waiver of fees only until January 31.
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MRS. ROCHELLE TACBOBO EXTENDS UTMOST GRATITUDE TO EXECUTIVE ASSISTANT IV REINA MANUEL OF THE ANGELES CITY MAYOR’S OFFICE FOR HER UNDYING CHARITABLE SUPPORT AND SWIFT ACTION IN ORDER TO ASSIST MRS. TACBOBO DELIVER HER 8-MONTH OLD BABY SAFELY AT THE RAFAEL LAZATIN MEDICAL CENTER OR OSPITAL NING ANGELES. MRS. TACBOBO, A JANITRESS AT THE SYSTEMS PLUS COLLEGE FOUNDATION AND RESIDENT OF BARANGAY NINOY AQUINO, HAS PREECLAMPSIA A TOXIC CONDITION MARKED BY INCREASING ALBUMIN PROTEIN IN THE URINE AND HYPERTENSION (HIGH BLOOD PRESSURE) WHICH MAKES BLOOD VESSELS TIGHTEN OR CONSTRICT AND MAY CAUSE KIDNEY DAMAGE OR DISEASE. ALBUMIN IS A PROTEIN IN THE BLOOD. IT HELPS KEEP THE CORRECT BALANCE OF FLUID BETWEEN BLOOD VESSELS AND THE BODY TISSUES THEY SUPPLY. DURING PREGNANCY, THIS CONDITION INCREASES THE RISK OF SEIZURES, STROKE, LIVER AND KIDNEY DAMAGE, BLOOD CLOTTING PROBLEMS AND DAMAGE TO THE HEART, BRAIN, LUNG AND EYES.
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Congressmen has filed House Resolution No. 1410 urging the Monetary Board to issue regulations waiving the collection fees and charges for digital banking transactions and transactions with electronic payment system operators until the state of calamity due to the COVID-19 has been lifted.
President Duterte declared a nationwide state of calamity on March 16, 2020 for a period of six months and extended the period to one year effective September 13, 2020 to September 12, 2021 unless earlier lifted or extended as circumstances may warrant.
There has been a surge in digital banking transactions during the lockdown period beginning in mid-March 2020 mainly because of restricted mobility, shortened operating hours of business establishments and the necessity of avoiding face-to-face transactions during this period. Hence, banks and financial institutions began waiving fees for digital transactions in July 2020 as part of the banks’ contribution to the government’s fight against the COVID-19 pandemic in hopes of encouraging increased digital transactions as part of social distancing.
However, certain banks and financial institutions have started to collect fees and charges for digital banking transactions beginning October 31, 2020 while others have decided to waive their fees until December 31, 2020.
Waiving the collection of fees and charges for digital banking transactions will ease the burden on small businesses and households to weather the COVID-19 pandemic.