In a post on his official Twitter account, Medalla cited that a P15 fee—charged by a number of banks for interbank transfers—for a P200 transaction would be “quite large” relative to the amount being sent.
. If the fee is P15 for a P200 transaction, then the fee is quite large relative to the amount being sent.“We are ready to collaborate with banks and payment system operators to explore a cost-sharing system that excludes small transactions from these types of fees,” he said.
“We may even consider cutting the reserve requirement to enable banks to make these concessions. All these, in pursuit of a financial system that leaves no one behind,” he added. The reserve requirement is the amount of cash a bank must hold in its reserve against deposits made by customers in the Philippines. It is currently at 12%, said to be among the highest in the region.could still be cut down to a single digit
by the end of his term in July, should inflation be expected to fall within the target range by then. “After all, the true measure of an effective policy lies not in its complexity but in its ability to bring those at the margins into the fold,” he said over the weekend.higher than central bank’s projection range of 7.5% to 8.3%, and the target range of 2.0% to 4.0%.
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