DICT backs waived fees for electronic fund transfers for personal, MSME payments
'We believe this is a significant step in creating a more inclusive and efficient digital financial ecosystem in the Philippines," Dee said.
The Department of Information and Communications Technology (DICT) has expressed support for the proposal of the Bangko Sentral ng Pilipinas (BSP) to waive fees on electronic fund transfers for personal transactions and payments to micro, small, and medium enterprises (MSMEs).
According to a statement, DICT Assistant Secretary Celine Melanie Dee sent BSP Governor Eli Remolona, Jr., a position paper which said implementing zero fees for such transactions would result in higher earnings for gig workers, undeducted remittances for families of overseas Filipino workers (OFWs), and accelerated growth of the e-commerce industry.
'We believe this is a significant step in creating a more inclusive and efficient digital financial ecosystem in the Philippines," Dee said.
"Digital payments play a critical role in the development of various sectors. Given this, we believe this policy will provide significant benefits for the e-commerce industry, the gig economy, remittance payments, the daily transactions of millions of Filipinos, and micro-merchants,' she added.
The DICT said the zero-fee policy would encourage the use of digital payments and online platforms. Without additional charges, more Filipinos—including small business owners and workers in the informal sector—can afford to participate in digital commerce.
'The DICT remains fully committed to supporting the BSP's goal of fostering inclusive digital economic development and stands ready to assist in the implementation of this important policy,' Dee said. –NB, GMA Integrated News
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