Philippines Moves Towards Fee-Free Electronic Fund Transfers

The Philippine Department of Information and Communications Technology (DICT) has announced its support for a policy to eliminate transfer fees for personal and MSME payments. This initiative, reported by News5, aims to boost the use of digital financial transactions and ease the burden on citizens, particularly overseas Filipino workers (OFWs). The DICT's support for the zero-fee policy is a significant step in modernizing the country's financial system and promoting financial inclusion. One news anchor stated, "This will encourage more people to utilize digital payments, which is safer and more efficient." The policy is expected to significantly benefit OFWs who regularly send money to their families back home, reducing the costs associated with remittances. The elimination of transfer fees is expected to have a significant positive impact on the Philippine economy.