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Philippines seeks financial inclusion, digital ID expected to reach 50M this year

Philippines seeks financial inclusion, digital ID expected to reach 50M this year

Filipino authorities have projected that up to 50 million citizens will be registered for the biometrics-embedded PhilID card by the close of the year, as people continue to open bank accounts thanks to the digital ID document. Permanent ID service centers are also planned for next year.

50 million PhilID card holders by year end

“Our target is 50 million by the end of the year, we are confident we can achieve that despite the challenges of the pandemic,” said Director General of the National Economic and Development Authority (NEDA), Karl Kendrick Chua speaking at a Senate Committee hearing, reports the Philippine News Agency (PNA) reports.

As of October 8, there were 35.9 million individuals who had completed Step 2 of registration which qualifies them for the digital ID card.

With PhilID, financial inclusion gains traction

According to the PNA, a total of 5,792,485 registrants of the Philippine Identification System (PhilSys) had applied to open an account with the Land Bank of the Philippines, as of October 14.

The PSA reminded applicants in a statement that bank account opening after completion of the Step 2 registration process is free.

It also reminded account holders of the benefits they can enjoy which include transactions such as cash in and cash out, fund transfer, cashless payments and online banking.

Three key reasons to have the PhilID

The PSA has explained that apart from opening bank accounts which are improving the country’s financial inclusion, the PhilID is useful for three other major reasons.

The first, the authority said, is that it provides streamlined and precise information about the identity of an individual. Second, it acts as the only valid proof of ID when carrying out transactions with government or other private entities, while the third significance is the speed of the national digital ID verification process.

Fixed centers soon for ID registration updates

PSA Undersecretary Rosalinda Bautista told reporters during a public briefing that there are plans to set up fixed registration centers from next year for people who want to update or correct their digital ID information.

She said the centers will be opened nationwide and can also be used to request new PhilID cards.

PhilSys ambassador program launched

The PSA launched the PhilSys ambassadors program on October 25. The ambassadors were unveiled alongside the PhilSys official jingle.

The government says the initiative is headlined by the country’s pop icon Sarah Geronimo-Guidicelli and husband Matteo Guidicelli.

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