THE Bangko Sentral ng Pilipinas (BSP) instructed banks and other local financial institutions to accept the Philippine Identification System (PhilSys) ID as sufficient proof of identity to open a bank account.
In a statement on Tuesday, BSP Governor Benjamin E. Diokno said the PhilSys ID—both in physical and mobile formats—shall be accepted as sufficient proof of identity without the need for another ID.
Diokno also said the national ID system is expected to support the wide-scale opening of transaction accounts, particularly the Basic Deposit Account, which is designed to meet the needs of the unbanked.
“PhilSys will help more Filipinos, especially the marginalized and low-income, to begin saving money in banks and other BSFIs,” Diokno said.
In an earlier memorandum, the Philippine Statistics Authority (PSA) also asked all government and private entities to accept the Philippine Identification (PhilID) card as sufficient proof of identity, subject to proper authentication. This is in line with Republic Act 11055 or the PhilSys Act.
Banks and other financial institutions are also directed to include the PhilID in their list of valid IDs to be displayed on their counters, public entrances of their establishments, websites, social media accounts and other consumer information channels.
“The BSP considers the PhilSys as a game-changer for financial inclusion; a state wherein there is effective access to a wide range of financial services for all,” the BSP’s statement read.
“Aside from contributing to the massive opening of transaction accounts, PhilSys is expected to transform how services are delivered and accessed in the Philippines, accelerating the country’s transition to a digital economy,” it added.
As of October 21, the number of transaction accounts opened due to the co-location of PSA registration sites and Land Bank account opening facilities totaled 5,922,304 accounts.