Bangko Sentral ng Pilipinas Governor Benjamin Diokno told American businessmen that the implementation of the Philippine Identification System Act will hasten the government’s efforts to include the marginalized and unbanked Filipinos into the financial system and make them contribute in the growing economy.
Diokno said in a speech during the World Bank Group/International Monetary Fund annual meetings in Washington D.C. that the law mandated the issuance of a unique, non-transferable card to all citizens or resident aliens registered under the PhilSys.
“The law is beneficial for all Filipinos as it provides ‘a means of simplifying public and private transaction’ through a reliable and nationally-accepted proof of identity. Having this proof of identity has far-reaching benefits, particularly in promoting financial inclusion,” Diokno said.
He said with the “Philippine ID”, unbanked Filipinos would have a proof of identity which was a key requirement in opening a bank account.