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Manila Bulletin devider Business devider PhilID accepted for opening basic deposit accounts, says PSA

PhilID accepted for opening basic deposit accounts, says PSA

Published Sep 16, 2023 08:40 am

At A Glance

  • The Philippine National Identity Card (PhilID) can now be used to access financial services in the country.<br>Registered individuals can present the PhilID as a valid proof of identification for various financial transactions.<br>This includes opening Basic Deposit Accounts (BDAs) at financial institutions.<br>The collaboration between the Philippine Identification System and the Land Bank of the Philippines resulted in a 170% increase in BDAs opened in the first quarter.<br>The number of BDAs opened rose from 8.1 million to 21.9 million compared to the same period last year.<br>The strategy implemented by the Philippine Statistics Authority led to the opening of 7.5 million additional BDAs in the fourth quarter of 2022.<br>Previously unbanked Filipinos can now open transaction accounts after completing PhilSys registration, free-of-charge, and without any initial deposit or maintaining balance requirements.

The Philippine Statistics Authority (PSA) said the national identity card can now be used to access various financial services in the country.

National Statistician Dennis S. Mapa said registered individuals can present their Philippine national identity cards (PhilID) when transacting at financial institutions, such as when opening Basic Deposit Accounts (BDAs).

“One of the goals of PhilSys [Philippine Identification System] is financial inclusion, and the PSA will continue its efforts to achieve this,” Mapa said in a statement on Saturday, Sept. 16.

“We aspire for more of our fellow countrymen to recognize the importance of PhilSys and how it can assist them,” he added.

PSA also said the collaboration between PhilSys and the Land Bank of the Philippines has resulted in a significant increase in BDAs opened in the first quarter of the year.

According to the Bangko Sentral ng Pilpinas, the number rose by 170 percent to 21.9 million BDAs from 8.1 million in the same period last year.

PSA said its strategy led to 7.5 million more BDAs being opened in the fourth quarter of 2022, allowing previously unbanked Filipinos to open transaction accounts after completing PhilSys registration.

PSA said that it continues to expedite the printing and delivery of PhilIDs to registered persons nationwide.

It further said that replacements of PhilIDs affected by the Manila Central Post Office fire in May 2023 were recently turned over to the Philippine Postal Corp. for delivery.

PSA personnel are also actively issuing ePhilIDs through plaza-type and house-to-house distribution, it said.

The agency also revealed that over 38 million PhilIDs have been delivered and more than 41.6 million printed and downloaded ePhilIDs were issued as of Aug. 25, 2023,.

PSA said that registered persons may check the availability of the ePhilID via https://appt.philsys.gov.ph and set an appointment to claim it at any PhilSys Registration Center.

The ePhilID may also be downloaded through a secure link indicated in an official text message from the PSA. (Xander Dave G. Ceballos)

Related Tags

dennis mapa Philippine Statistics Authority (PSA) National Statistician National ID
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