PSA gets Bangko Sentral support on PhilID

THE Philippine Statistics Authority (PSA) received backing from the Bangko Sentral ng Pilipinas (BSP) in its recent advisory emphasizing the Philippine Identification (PhilID) card as the official proof of identity for transactions with government and private entities.

In a statement on Friday night, the central bank also congratulated the PSA on the positive launch turnout of the third and final step of the Philippine Identification System (PhilSys) mass registration, in which PhilID cards and PhilSys Numbers were delivered to successful registrants.

Citing a recent report by Land Bank of the Philippines (LandBank), the BSP noted that a total of 2,481,788 unbanked PhilSys registration has already signed up for LandBank transaction accounts as of last April 30.

“The PhilSys will be a strategic enabler for a more inclusive new economy, bringing us closer to our shared vision of prosperity for all,” BSP Governor Benjamin Diokno said in the statement.

The central bank also reminded banks of the rules of Republic Act 1105, or the Philippine Identification System Act, which provide that the PhilID card is a valid proof of identification recognized in bank transactions without the need to show any other documentary criteria.

Documentary requirements were mentioned as one of the top barriers in opening a bank account in the Bangko Sentral’s 2019 Financial Inclusion Survey. Unbanked Filipinos will be able to open bank accounts, including basic deposit accounts (BDA), with the PhilID card.

The BSP launched the BDA in 2018 in response to the low-income sector’s need for a low-cost, simple-to-open account. BDA account ownership has expanded, allowing more Filipinos to become financially included, with an initial deposit of P100, no minimum maintenance balance or inactivity costs, and minimal identification requirements.