The Philippine Statistics Authority (PSA) has partnered with the Land Bank of the Philippines (Landbank) to assist those who are traditionally excluded from the banking system open their first transactional accounts through the Philippine Identification System (PhilSys).
So far, around 5.9 million Philippine Identification (PhilID) or national ID card registrants have been onboarded through the Landbank's co-location with the PSA in designated PhilSys registration centers across the country.
PSA is the lead government agency that is implementing the PhilSys--the central identification platform for Filipino citizens and resident aliens of the Philippines.
"The partnership between the PSA and LANDBANK is proof of our commitment to economically empower every Filipino by making financial services within reach. Through PhilSys, we are paving the way towards the digital economy for our kababayans (countrymen) where they can easily make financial transactions and avail services," PSA Undersecretary Dennis S. Mapa, National Statistician and Civil Registrar General, said in a statement on Wednesday, Nov. 10.
Registrants also have the option to download and open an account through the LANDBANKPay, an e-wallet account that they can use in the comfort and safety of their homes.
Landbank President and CEO Cecilia C. Borromeo emphasized the importance of financial inclusion for all Filipinos.
"Bringing unbanked Filipinos into the financial mainstream lays the groundwork for inclusive growth, especially as we fast-track initiatives toward economic recovery and sustained development. Access to formal banking services encourages people to save money, repay loans, invest in financial products, and guide them to financial independence," Borromeo said.
As of Oct. 21, PSA said Landbank is co-locating in 493 PhilSys registration centers in 446 cities and municipalities nationwide, of which 25 centers are within the National Capital Region (NCR).
PSA and Landbank are also anticipating more co-location registration centers in NCR and in over 25 other cities and municipalities across the country.
Through the partnership, Landbank is issuing the Landbank Agent Banking Card to unbanked PhilSys registrants for free. This transaction account can be used to withdraw cash at ATMs and Point-of-Sale (POS) terminals, perform cashless transactions, do tap payments, shop online, and even receive government subsidies.
They can also cash-in, cash-out, and transfer funds at any Landbank branch or agent banking partner.