The Bangko Sentral ng Pilipinas (BSP) has recently issued a memorandum directing banks and other BSP-supervised financial institutions (BSFIs) to place the Philippine identification card (PhilID) at the top of the list of acceptable valid IDs, being the official government-issued ID.
IMAGE CREDIT: https://www.gmanetwork.com/
The BSP said all BSFIs 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.
BSFIs may use the PhilSys Check identity authentication tool to verify if the data stored in the QR code matches the information printed on the face of the ID.
The BSP, through Memorandum No. 2024-006, requires 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 disseminate said memorandum extensively to all personnel and branches concerned.
The BSP’s 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 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.
