By Liezelle Soriano
MANILA — Senate President Chiz Escudero has expressed his support for the Bangko Sentral ng Pilipinas’ (BSP) plan to eliminate fees for personal transactions and payments made by micro, small, and medium enterprises (MSMEs).
“I hope the thresholds will be higher and the coverage broader, to benefit more consumers and further expand the user base of digital payments,” Escudero said.
He noted that individual transaction fees charged by some companies can reach up to P75, with others imposing as much as P600 on senders.
“It’s like a piggy bank. The amounts may seem small, but over time, they accumulate significantly,” Escudero explained.
The Senate chief emphasized that the rationale for eliminating fees on person-to-person digital money transfers for personal, family, or household purposes is “solid and unassailable.”
“If the use of electronic money channels is reasonable in frequency and the amount being sent, then the fee should really be zero,” he said.
Escudero added, “The same principle should apply to digital payments made to small businesses.”
Ia/mnm
