The Bangko Sentral ng Pilipinas (BSP) will continue printing national ID cards during the holidays even as 4.42 million Filipinos have already received theirs as of Dec. 10.
The BSP said in a statement that sustained production of Philippine Identification (PhilID) cards was aligned with the national government’s broader initiatives to promote inclusive economic growth.
Those who have received their PhilID cards went through a three-step process: online registration; on-site collection of biometric information including photograph, fingerprint and iris scan; and the issuance/receipt of the ID card.
The BSP noted that the Philippine Statistics Authority, the lead agency of the national ID project, achieved its 2021 target after 50 million Filipinos completed the second step of registration this year.
Republic Act No. 11055, or the Philippine Identification System (PhilSys) Act, states that the PhilID is a valid proof of identity and must be accepted in all government and private sector transactions.
Thus, the BSP last November reminded the public that the PhilID is considered sufficient proof of identity to open a bank account.
Diokno had said the PhilID would help more Filipinos, especially the marginalized and low-income, to begin saving money in banks and other BSP-supervised financial institutions (BSFIs).
In light of this, the BSP has instructed financial organizations that the PhilID, in both physical and mobile formats, shall be accepted as sufficient proof of identity without the need for another ID.
BSFIs were also directed to include the PhilID in their list of valid IDs to be displayed on their counters, public entrances of their establishments, websites, social media accounts and other consumer information channels.
Aside from contributing to financial inclusion efforts, PhilSys is expected to transform how services are delivered and accessed in the Philippines, accelerating the country’s transition to a digital economy.
BSP data showed there were 149 microfinance banks providing products and services to 2.05 million borrowers as of the first quarter of 2021.
Diokno urged microfinance institutions to use the PhilID in conducting “know-your-customer” activities online and in real time to reduce onboarding costs. INQ