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Bangko Sentral says National ID system to improve financial inclusion

The Bangko Sentral ng Pilipinas (BSP) is banking on the implementation of the national identification system to improve financial inclusion in the country.

Once the National ID system is in place, more unbanked individuals would be able to open accounts with local banks, BSP Acting Deputy Director Ellen Joyce Suficiencia, said on Thursday.

“One of the main barriers to opening an account is the lack of an acceptable ID. The tendency of banks is to request for two or more IDs,” she said on the sidelines of The CAN Experience in Manila City.

A national identification system would provide all individuals in the country with sufficient identification.

“The ID system will be sufficient proof of identity. Sa tingin namin very powerful ang National ID,” she said.

A National ID system is in line with the central bank’s goal of digitizing 20 percent of all Philippine transactions by 2020.

“Before you get to getting anyone to use digital payments, you have to have an account,” Suficiencia noted.

“If you don’t have a digital identity, lalo kang maiiwan. All the more na mawawala ka, madidisenfranchise ka,” she said.

The measure is scheduled to be discussed by lawmakers once Concgress resumes  in May. —VDS, GMA News