DAVAO CITY – The partnership between the Philippine Statistics Authority (PSA) and Land Bank of the Philippines (LBP) in the implementation of the Philippine Identification System (PhilSys) has paid off with 2,481,788 previously unbanked registrants now with accounts as of April 30.
The LBP recently reported on its website that of the total, 850,875 have been issued their Land Bank Agent Banking Cards (ABCs) without the initial deposit requirement.
The rest is scheduled to receive their cards in July, LBP said.
“Land Bank is one with the national government’s financial inclusion agenda. In partnership with the PSA, we are focused on opening accounts for up to eight million low-income, unbanked individuals from the 32 PhilSys priority provinces at the soonest time,” LBP president and chief executive officer Cecilia Borromeo said in a statement.
As of the last count, the LBC counters are set up in 790 PhilSys registration sites in 10 regions upon the invitation of National Economic and Development Authority Secretary Karl Chua.
More registration centers will be added as signup is ongoing in 32 provinces nationwide.
At the registration centers, LBP representatives assist applicants in opening accounts once they have completed the Step 2 (biometrics) registration.
The Land Bank ABCs can be used for cash in, cash out, and transfer funds transactions at any branch or Agent Banking Partner.
“Soon, the Land Bank ABCs can also be used as contactless cards to pay fares in public transport modes under the Automatic Fare Collection System project of the Department of Transportation,” the bank said.
Signed into law by President Rodrigo Duterte in August 2018, Republic Act 11055, or the Philippine Identification System Act, aims to establish a single national ID for all Filipinos and resident aliens.
The national ID shall be a valid proof of identity that shall be a means of simplifying public and private transactions, enrollment in schools, and the opening of bank accounts.
It will also boost efficiency, especially in dealing with government services where people will only need to present one ID during transactions. (PNA)