DAVAO CITY — When opening an account, banks require two or more valid identification (ID) cards and other documentary requirements.
Those with only one valid document or ID, usually from the low-income sector, are rejected.
Such policies are now a thing of the past with the implementation of Republic Act No. 11055, also known as the Philippine Identification System (PhilSys) Act.
The law, signed by President Rodrigo Duterte in August 2018, gets rid of the unfriendly policy of banks as it mandates government agencies and private institutions to honor the Philippine Identification (PhilID) card in lieu of other documentary requirements.
The Bangko Sentral ng Pilipinas (BSP) supports the Philippine Statistics Authority (PSA) in its recent advisory, emphasizing that the PhilID card can be an official proof of identity for transactions with government and private entities.
“The BSP reminds banks of the provisions in Republic Act 11055 that the PhilID card, by itself, is a sufficient proof of identification honored and accepted in bank transactions without the need to present any other documentary requirements,” the PSA posted recently.
BSP Gov Benjamin Diokno said in the same post that the PhilSys Act serves as a catalyst in creating an “inclusive economy”.
Diokno was referring to the recent report of the Land Bank of the Philippines, confirming that 2,481,788 unbanked PhilSys registrants have already signed up for accounts as of April 30, 2021.
“The PhilSys will be a strategic enabler for a more inclusive new economy, bringing us closer to our shared vision of prosperity for all,” Diokno said.
He added that the BSP is fully committed to supporting the government and the PSA in bringing the vision of PhilSys to reality.
The national ID shall be a valid proof of identity that shall be a means of simplifying public and private transactions, enrollment in schools, and the opening of bank accounts.
It will also boost efficiency, especially in dealing with government services where people will only need to present one ID during transactions.
Source: Philippines News Agency