Yes the charge is correct and it is a total rip off direct from the Phillipine Embassy. The reason the fee is so high is that you have to have an "embassy verified" contract and other documents. So even though Singapore MOM verifies the helper to work here that is not enough for the Phillipine embassy.
When you go to the embassy they actually give you a business card of an agency that you can do it through (you cannot just choose any agency, I assume only the ones who give a kick back to the embassy are allowed on their list), and yes the fee is $240.
The pass is so that the Phillipines will LET OUT the domestic worker even though Singapore is happy to let her in with a valid WP.
It is a blatant rip off and I cannot believe more people don't complain about it. Can you imagine if it was the US, or UK or most other countries trying to pin this onto one of their citizens? But then the Phillipines is NOT a free country