BSP asks banks to put on hold ATM fee increase

The Bangko Sentral ng Pilipinas has asked banks to put on hold plans to increase interbanking fees for ATM withdrawals, saying it needs more time to study the proposal. BSP deputy governor Nestor Espenilla Jr. said the Monetary Board (the policy-making body of the BSP) is still weighing the issue. Several banks earlier announced it planned to increase interbank ATM withdrawal fees from P11 to P15, which they claim will cover the rising cost of ATM operations. Espenilla said the BSP understood the point of view of banks on recouping operations costs. But he pointed out that such increase would have a ripple effect on ATM users. He said a thorough study should be conducted to “balance the interest” of everyone concerned. MM

[ABS-CBN News]