P15 increase in NBI clearance fee to take effect on March 12

admin   •   February 26, 2018   •   4137

IMAGE_UNTV_NEWS_100217_NBI CLEARANCE

FILE PHOTO: NBI clearance

MANILA, Philippines —The fee for the National Bureau of Investigation (NBI) clearance will increase next month.

Based on the advisory of NBI, applicants will have to pay P130 from the current P115 for the said document beginning March 12.

The agency explained that the increase is due to the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law. — UNTV News & Rescue

BSP says banks can’t hike ATM fees without approval

Robie de Guzman   •   August 13, 2019

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Tuesday assured the public that banks’ charges on automated teller machine (ATM) transactions will not be increased without its approval.

In a statement, the BSP said it will examine each request and decide if the adjustment in ATM fees is warranted to cover the cost of maintaining the ATMs.

“Should an increase be necessary in order for banks to continue providing ATM services to the banking public, the BSP will ensure that the increase will be reasonable,” it said, adding that adjustments will adhere to pricing principles provided under BSP Circular No. 980 dated 6 November 2017.

The BSP made the statement after concerns on a possible increase in ATM fees following the lifting of the six-year moratorium in charge hike this year.

Makati Rep. Luis Campos Jr. earlier sought an inquiry into the possible increase in ATM charges amid concerns that banks would jack up charges by as much as 50 percent based on the rates they proposed before the moratorium was implemented in 2013.

READ: House seeks inquiry on looming ATM fee hike

“The BSP assures the public that its policy on ATM fees is guided by best industry practices and that it is driven with the broader welfare of consumers in mind,” it said. 

“Towards this end, the BSP has issued regulations that require banks to adhere to the principles of reasonable and market-based pricing in their ATM operations. As such, banks cannot increase the ATM fee on their own,” it added.

The BSP said that any bank that intends to adjust ATM fees must file a request indicating their proposed fees, as well as the costs currently incurred by the bank with respect to its ATM activities.  

The central bank said the costs declared should be “clear, properly supported,” and maybe validated by the BSP when deemed necessary.

The BSP also disallows the imposition of set fees arising from agreements between market participants.

In any case, the BSP said fees should be lower than the charges collected from transactions made over-the-counter (OTC) and comply with transparency in pricing.

House seeks inquiry on looming ATM fee hike

Robie de Guzman   •   August 13, 2019

MANILA, Philippines – The House of Representatives is set to conduct an inquiry into the looming increase in the fee for withdrawing cash from automated teller machines (ATM) following the lifting of the six-year moratorium imposed by the Bangko Sentral ng Pilipinas (BSP).

The lifting of the freeze on ATM fee hike has raised concerns among lawmakers that banks would jack up charges by as much as 50 percent based on the rates they proposed before the moratorium was implemented in 2013.

“We are worried that the forthcoming increases in ATM charges might harm consumers – the nation’s more than 58 million ATM cardholders,” Makati City Rep. Luis Campos said in a statement.

“Even more vulnerable are our estimated 4.1 million minimum wage earners. Many of them receive and withdraw their salaries twice a month through their ATM cards at the machine nearest them,” he said.

Campos filed House Resolution No. 210, which seeks the House Committee on banks and financial intermediaries to probe on the looming ATM fee increase following the issuance of Memorandum No. M-2019-020 by the BSP this year.

A survey of ATM fees shows that banks currently charge between P10 to P15 per interbank withdrawal transaction, and P2 per interbank balance inquiry.

Campos said these charges could jump to as much as P15 to P30 per interbank withdrawal or possibly even higher, with the removal of the moratorium.

In his resolution, Campos pointed out there now exists “a virtual monopoly in the network that interconnects all of the country’s 21,682 ATMs.”

ExpressNet Inc. outsourced its ATM network to BancNet Inc. in 2008, and BancNet and MegaLink Inc. merged their ATM networks in 2015, with BancNet as the surviving entity, while MegaLink has since been repurposed, Campos said.

“In this case, we are clearly compelled under The Consumer Act, or Republic Act 7394, to conduct an inquiry so as to safeguard the rights of ATM users,” he added.

New excise tax on petroleum products effective January 1

admin   •   December 31, 2018

 

 

MANILA, Philippines — Despite the rollback on petroleum products, there will be a new excise tax under the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

As stated in the law, there will be a P2.24 per liter price hike on gasoline and diesel; P1.12 per liter increase on kerosone; and P1.12 per kilo on LPG.

However, the Department of Energy has reminded all oil companies that they need to consume their petroleum stocks in 2018 before the implementation of the excise tax.

The Department of Energy (DOE) has been monitoring the oil stocks of oil companies since September to ensure that these will not be set with the excise tax in 2019.

Oil companies need to declare in a signage if they are already implementing the excise tax.

“Inuubos muna nila ang mga old inventories bago mag impose ng new excise tax. Ibig sabihin kapag meron ng new excise tax dapat yung mga gasoline stations din may naka-post silang tarpaulin na nagsasabi na ang binebenta nilang petroleum products as of the moment ay may new excise tax na,” said Oil Industry Bureau Assistant Director Rodela Romero.

The second tranche of excise tax was approved during the price drop of petroleum products in world market.

In 2018, there are more price increase compared to price rollback in diesel and gasoline.

A consumer group believes that poor Filipinos will not be able to bear the new tranche of excise tax on petroleum products in 2019.

For those who can pay the excise tax such as businessmen, the excise tax can be regain through the price hike of prime commodities which will further burden poor Filipinos.

“Ang aming pagtutol dito hindi ito equitable at ito’y hindi progressive taxation sa madaling salita anti-poor po,” said Laban Konsyumer Group President Vic Dimagiba.

The consumer group appeals to the the new Congress to check TRAIN Law after elections.

“Mayroong eleksyon, may bagong Kongreso. Magandang balikan ng bagong kongreso itong TRAIN law. Itong bago ‘di natin alam, puwede nilang repasuin ang TRAIN law para hindi ito anti-poor,” said Dimagiba. — Joan Nano | UNTV News & Rescue

 

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