In an effort to curb escalating service costs, certain banks in the Philippines plan to increase transaction fees in their automated teller machines (ATMs).
Beginning October 1, Metrobank will charge Php15 for its accountholders who will withdraw from other banks’ ATMs. Their Php7.50 fee when withdrawing from PSBank ATMs remains unchanged. The same charging scheme will also hold true for PSBank card holders. Banco de Oro will also implement an increase to Php15 for withdrawals.
The Bank of the Philippine Islands (BPI) also plans to increase withdrawal fees to Php15 starting October 22, while their balance inquiries will cost Php2 per transaction on November 1.
To avoid these increasing ATM fees, card holders can simply go to and withdraw from their respective bank’s ATMs at either lower or no cost.
In light of these increasing fees, the Bangko Sentral ng Pilipinas (BSP) has ordered said banks not to continue with their plan until further study has been conducted.