PhilSy’s goal of financial inclusion is gaining ground


NATIONAL ID REGISTRATION. Barangay Baquero Sur in Moncada, Tarlac, will register for the Filipino identification system on Tuesday and Wednesday (October 19 and 20, 2021). Applicants are just waiting for their Filipino IDs to be delivered. (Photo courtesy Philsys Moncada Facebook)

DAVAO TOWN – The aim of the Philippine Identification System (PhilSys) to achieve the financial inclusion of Filipinos who do not have access to vital services due to a lack of valid proof of identity is within reach.

On October 14, there were already 5,792,485 PhilSys registrants applying for an account with the Land Bank of the Philippines (LandBank), according to a report by the Philippine Statistics Authority (PSA) dated October 20.

“The opening of transaction accounts after registration in step 2 is free, voluntary and part of the initiative of PSA and LandBank,” says the PSA-Post.

After completing the biometric process from step 2 (validation of receipts, iris scan, fingerprints and photo), registrants can present their transaction reference number slip to open an account.

LandBank booths are set up nationwide in selected PhilSys registration centers.

The agent banking program enables customers without a formal bank presence to lower transaction costs, improve access to financial services, and save travel and related costs.

Agent Banking Cards are issued free of charge and without an initial deposit.

Cardholders can make deposits and withdrawals, money transfers, cashless online and invoice payment transactions and withdrawals at ATMs that accept Mastercard.

As of September, more than 34 million Filipinos had applied for a Filipino Identification Card (PhilID) or national identity card.

The Republic Act 11055, or the Philippine Identification System Act, was enacted in August 2018 by President Rodrigo R. Duterte and aims to introduce a single national identification document for all Filipinos and resident foreigners.

The identity card is a valid proof of identity that is intended to facilitate public and private transactions, enrollment in schools and opening bank accounts.

It is also designed to increase efficiency, especially when dealing with government services where people only need to present identification during transactions. (PNA)

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