The Bangko Sentral ng Pilipinas reemphasized over the weekend the importance of the national identification system, saying the IDs are a key component to the ongoing shift of financial transactions from the paper-based or physical sphere and on to the digital domain.
BSP Governor Benjamin E. Diokno issued a statement Saturday expressing yet again the central bank’s support for the ID system as spelled out by President Duterte under Executive Order No. 162 institutionalizing the acceptance of the PhilSys ID as sufficient proof of identity and age in all government and private transactions.
Diokno particularly noted thePhilSys IDs help eliminate altogether red tape or the slow processing of the transactions of the transacting public.
EO No. 162 specifies that no additional proof of identity or age shall be required upon presentation of the national ID, PhilSys Number (PSN), or PSN derivative, as authenticated.
Diokno also anticipates an acceleration in the number of e-money transactions as a result of the ease of verifying the identity of one looking to make financial transactions in the digital sphere and has noted that 7.38M national ID registrants have opened bank accounts.