BSP: National ID sufficient to open a bank account
Bangko Sentral ng Pilipinas (INQUIRER FILE FPHOTO)
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) on Tuesday reminded banks and the public that the country’s national ID was sufficient proof of identity to open a bank account.
In doing so, the central bank reiterated its earlier endorsement of an advisory issued by the Philippine Statistics Authority (PSA) telling all government and private entities to accept the Philippine Identification System (PhilSys) ID in accordance with the law.
“PhilSys will help more Filipinos, especially the marginalized and low-income, to begin saving money in banks and other financial institutions,” BSP Governor Benjamin Diokno said.
In support of the earlier PSA advisory, the BSP’s issuance instructed financial institutions that the PhilSys ID, in both physical and mobile formats, will be accepted without the need for another ID.
Financial institutions are likewise directed to include the national ID in their list of valid identification documents.
