A PROPOSED law filed in the House of Representatives seeks to waive fees for small-value transactions in electronic wallets and digital money transfers.
Introduced by Cagayan de Oro City 1st District Rep. Lordan Suan, House Bill 9749 aims to exempt transactions not exceeding P2,000 from the payment of fees.
The types of transactions covered by the bill are sending money to another e-wallet user, cashing in to an e-wallet account, cashing out from an e-wallet account, and transferring funds to a bank account.
The bill stated that the amount set for small-value transactions and the daily cumulative limit may be adjusted by the Bangko Sentral ng Pilipinas, factoring in the daily cost of living as determined by the Department of Labor and Employment, the current exchange rate, and the inflation rate.
”E-wallets offer a convenient and affordable alternative to traditional banking. Waiving fees for small transactions will encourage wider adoption among low-income individuals, increasing financial inclusion and economic growth,” it said.
The bill is currently pending before the House committee on banks and financial intermediaries.
