Senator Sherwin Gatchalian has renewed his push for the measure seeking to mandate government financial institutions to create a bank account for every Filipino.
In refiling the proposed “One Filipino, One Bank Account,” now Senate Bill No. 808, Gatchalian said mandating the government to open a bank account or “vritual account” would fast track the distribution of financial aid to Filipinos.
“Sa ilalim ng panukalang ito, mas mapapadali na ang pamimigay ng ayuda dahil derecho na ito sa mismong bank account ng mga benepisyaryo at hindi na kailangang pumila pa (Under this measure, granting financial assistance would be easier because the government will send it directly to the beneficiary’s bank account and they don’t have to contend with long queues),” Gatchalian said.
“Sa pamamagitan din nito, mas madaling matututo ang ating mga kababayan na gumamit ng bangko at ng mga online facilities para sa iba-t ibang transaksyon tulad ng pagbabayad ng bills o mga bilin at para mag-impok (Through this, our people would also learn how to save money, how to bank and use online facilities for different transactions like payiing bills),” he added.
The measure seeks to mandate government financial institutions, such as Land bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP), to open and maintain a bank account for every Filipino which they can use to access financial services provided by the government including educational assistance and other forms of subsidy.
The senator said the bill will complement the Community-Based Monitoring System (CBMS) Law. The CBMS law gathers information from all households in the community that is local government unit-based, starting at the barangay level.
He also said the bill would help synchronize the government’s coordination with local government units (LGUs) including barangay offices.
“Maiiwasan din nito ang kaguluhan at mapapanatili ang kaayusan sa pamimigay ng tulong pinansyal sa mga kababayan nating nangangailangan (it will also prevent chaos and maintain orderly distribution of financial aid to our citizens who are in need),” Gatchalian said.
Gatchalian pointed out that while the Philippine National ID addresses an individual’s lack of documentary requirements for opening a bank account, he said the government still needs to facilitate and strengthen the financial inclusion landscape in the Philippines.
The government also needs to consistently promote seamless, efficient, transparent, and targeted delivery of public and social services, the senator said.