The Bangko Sentral ng Pilipinas (BSP) on Wednesday ordered banks and other BSP-supervised financial institutions (BSFIs) under its supervision to prioritize the Philippine Identification Card (PhilID) as the primary form of valid identification.
It said the move recognizes the PhilID’s status as the official government-issued ID that aims to streamline financial transactions.
Before this, several banks refused to recognize PhilID presented by depositors as a valid documents because of the absence of signature and address.
The BSP said all BSP-supervised financial institutions (BSFIs) should 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 match the information printed on the face of the ID, the BSP said.
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.
It also instructed BSFIs to extensively disseminate the memorandum to all personnel and branches concerned.
The BSP said the 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 should 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 identified the national ID as a driver of financial inclusion in the country by serving as proof of identity for opening formal transaction accounts.