The Philippines’ Department of Justice is reportedly warning the nation’s banks against plans to collectively hike ATM fees, advising the lenders that their actions could be considered cartel-like behavior.
In a statement, Justice Secretary Lelia M. De Lima said that raising consumer awareness of banking operations “will promote greater competition among banks,” and therefore has advised the banks “to ensure that there is no coordinated action on their part to increase their inter-banking charges.”
Several banks, including the nation’s largest three – BDO, Metrobank and BPI – announced last week plans to increase interbank ATM withdrawal fees, which are charged to consumers when withdrawing from a competitor’s ATM. The announcement sparked an order to halt the fee hikes.
Full Content: InterAksyon
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Hess Shareholders Approve $53 Billion Merger with Chevron
May 28, 2024 by
CPI
EU Regulators Engage with Telegram as App Nears Critical Usage Threshold
May 28, 2024 by
CPI
EEX Offers Remedies to Address EU Antitrust Concerns Over Nasdaq Deal
May 28, 2024 by
CPI
BRG Expands European Competition Practice with New Expert Team in Brussels
May 28, 2024 by
CPI
UK Law Empowers Regulators to Fine Big Tech Without Court Approval
May 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI