The Bangko Sentral ng Pilipinas said 5.3 million of previously unbanked Filipinos are now enrolled in the system through the co-location agreement between the Land Bank of the Philippines and the Philippine ID system (Philsys).
REGISTRANTS to the Philippine ID System (Philsys) were enabled to open a bank account onsite, leading to the onboarding of over 5.3 million unbanked Filipinos to date.
Bangko Sentral ng Pilipinas (BSP) said it also engaged the National Council on Disability Affairs and issued measures upholding non-discriminatory policies for its members in banking services.
These include providing mobility ramps in bank premises and installing Braille keypads on automated teller machines for persons with disabilities.
These efforts are on top of its conduct of financial inclusion information campaigns for this sector.
Moreover, the BSP also invited the Department of Interior and Local Government to the Financial Inclusion Steering Committee given its unique position to foster financial inclusion among the local government units.
The BSP is also working closely with the Departments of Labor and Employment, Social Welfare and Transportation in building use cases for account ownership and digital payment.
All these efforts, the BSP said, underscore the importance of stakeholder engagement and collaboration in its efforts to onboard more unbanked Filipinos into the formal financial system.
“We have embraced financial technology to bring more Filipinos inside the financial loop and help improve lives. The BSP is expanding engagements with target segments to promote inclusive digital finance,” BSP Governor Benjamin E. Diokno said during a recent conference of Financial Executives Institute of the Philippines (FINEX).
He said he strongly supports the rollout of the Philippine Identification System (PhilSys) which is spearheaded by the Philippine Statistics Authority (PSA).
The Philsys ID provides a verifiable digital identity that can be used as a document to avail financial services, like opening a bank account or receiving government assistance.It has the potential to facilitate cost-efficient client onboarding and digital finance innovations.
Tags: #unbanked, #BangkoSentralngPilipinas, #stakeholderengagements, #economy