Land authority integrates PhilID authentication service for loan property verification

The Philippines Land Authority (LRA) has completed a deal to have the national ID integrated into personal property verification processes during loan transactions.

According to the agreement, the national ID authentication service will be used to verify the ownership of personal property proposed as collateral for bank loans. 

A Philippine Identification System (PhilSys) news release indicates that the national ID integration will enhance security in such operations.

Per the deal, the national ID platform will be integrated with the LRA’s Personal Property Security Registry (PPSR) to enable individuals or organizations to ascertain if personal properties to be used as collateral face any legal complaints.

The LRA is the latest of Filipino government agencies and entities to integrate their services with the national ID. 

Among them are the Small Business Corporation whose integration facilitates identification of medium, small and medium sized businesses, the Home Development Fund which verifies access to benefits and opportunities for members, as well as the Philippine Tax Academy for educational purposes.

Local and city governments in the Philippines have also been integrating their services with the national ID system not only to streamline access, but to combat vices like identity fraud, protect personal data and provide verified information to enable access to other services. 

The LRA integration with the PhilSys comes as the national ID issuance continues to expand with million people having had an ID as of September, according to the Philippine Statistics Authority (PSA).

In many other countries, their national digital ID and biometrics systems are seen as vital tools in land or property management. 

In Nigeria, there is a plan to integrate the national digital ID with land management in a move which the federal government believes will bring in more revenue for state governments. 

Last year, the ruling party in St Vincent and the Grenadines underscored the place of the digital ID in facilitating property transactions. In Vietnam and Pakistan, digital ID can be used to verify identities of persons involved in property transactions.

Article Topics

biometrics  |  digital ID  |  government services  |  identity verification  |  land registry  |  PhilID  |  Philippines