MANILA, Philippines – The Department of Information and Communications Technology (DICT) expressed its support for the proposal to make possible that electronic fund transfers be free or “zero fees” for personal transactions of overseas Filipino workers (OFWs) and payments made by micro, small and medium enterprises (MSMEs).
According to the DICT, the Department fully supports the proposal of Bangko Sentral ng Pilipinas (BSP) to implement “zero fees” for transactions of OFWs and MSMEs, with the aim of helping OFWs and gig workers earn more by making sure there are no deductions on remittances sent home.
In her official position letter submitted by DICT Assistant Secretary Celine Melanie Dee, and submitted to BSP Governor Eli Remolona, Jr., she emphasized the positive effects of the proposal, not just for the OFWs, gig workers, and MSMEs, but for the whole e-commerce industry.
“We believe this is a significant step in creating a more inclusive and efficient digital financial ecosystem in the Philippines. Digital payments play a critical role in the development of various sectors. Given this, we believe this policy will provide significant benefits for the e-commerce industry, the gig economy, remittance payments, the daily transactions of millions of Filipinos, and micro-merchants,” Dee said.
She also noted that the zero-fee policy is an important step to encourage the use of digital payments and online platforms – an important factor to ensure continuous growth and development of the e-commerce and gig economy.
By removing extra fees and payments, Dee believes that Filipinos, including small business owners and workers in the informal sector, can join the digital commerce ecosystem.
The move also supports the programs of the current administration to deliver the benefits of digital transformation to every part of the country, from a family awaiting remittances sent by loved ones from abroad, to micro-entrepreneurs working hard to reach success online.
“The DICT remains fully committed to supporting the BSP’s goal of fostering inclusive digital economic development and stands ready to assist in the implementation of this important policy,” Asec. Dee afffirmed.
