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April 12, 2024

BSP embraces PhilID for enhanced banking inclusion and efficiency

The Bangko Sentral ng Pilipinas (BSP) issued a directive prioritizing the Philippine Identification System (PhilSys) card, also known as PhilID, for financial transactions in the country.

This move aims to streamline the financial system and promote financial inclusion.

All banks and BSP-supervised financial institutions (BSFIs) must prioritize PhilID, both physical and electronic (ePhilID), as valid proof of identity and age.

BSFIs will utilize the PhilSys Check tool to verify the authenticity of PhilID information through its QR code.

A list of acceptable IDs, with PhilID at the forefront, will be displayed prominently within branches, websites, and social media platforms of BSFIs.

PhilID serves as the official government-issued ID for various entities, including national and local government agencies, state universities, and private sector businesses.

The BSP recognizes PhilID as a key driver of financial inclusion, allowing easier access to formal financial services for a broader segment of the Filipino population.

This directive aligns with the ongoing implementation of PhilSys established under Republic Act No. 11055. The PhilSys Act mandates the PhilID as an official and sufficient proof of identity.