BSP to banks: Place nat”l ID on top of accepted valid IDs list

The Bangko Sentral ng Pilipinas (BSP) said Wednesday it has directed banks and its other supervised financial institutions to place the Philippine identification card (PhilID) or the national ID at the top of their list of acceptable valid IDs.

In a statement, the BSP said all banks and its supervised financial institutions “must adopt enhanced measures to ensure the broad acceptance of the PhilID, whether the physical card or the ePhilID, as a valid and sufficient proof of identity and age in all financial transactions, subject to authentication.”

The central bank, through Memorandum No. 2024-006, requires banks and BSP-supervised financial institutions (BSFIs) to display the list of acceptable valid IDs in conspicuous places within their premises—on counters and the public entrance of their establishments—as well as on their official websites, social media pages, and other consumer information channels and promotional materials.

“Further, BSFIs are instructed to extensively disseminate said Memorandum to all personnel and branches concerned,” the BSP said.

The BSP said the memorandum is part of the ongoing program to ensure the effective implementation of the Philippine Identification System (PhilSys).

Republic Act No. 11055 or the PhilSys Act and its Revised Implementing Rules and Regulations provide that an individual’s record in the PhilSys shall be considered as an official and sufficient proof of identity.

The PhilID serves as the official government-issued identification document for transactions with all national government agencies, local government units, government-owned or -controlled corporations, government financial institutions, state universities and colleges, and private sector entities.

The BSP said it has identified the national ID as a driver of financial inclusion in the country by serving as proof of identity for opening formal transaction accounts.—AOL, GMA Integrated News