The Bangko Sentral ng Pilipinas (BSP) reiterated its earlier directive for all banks and other financial institutions to accept the Philippine Identification (PhilSys) card as sole proof of identity for those opening a savings account.
The national ID has no expiration date and is free of charge for the initial issuance.
BSP Governor Benjamin Diokno told banks and other financial institutions to accept the national ID in both physical and mobile formats without the need for another ID.
Diokno said the PhilSys ID would be authenticated via oniine and offline methods using physical social security features, QR code digital verification, biometric verification and SMS one-time password.
He said the ID would “help more Filipinos, especially the marginalized and low-income, to begin saving money in banks and other BSFIs (BSP-supervised financial institutions).