National ID as top identification
By J.Lo
“BSFIs may use PhilSys Check identity authentication tool to verify if data stored in QR code match information printed on the face of ID,” Bangko Sentral ng Pilipinas (BSP) ordered banks and financial institutions supervised by central bank to place Philippine Identification Card (PhilID) or national ID as top acceptable valid ID.
In press release by BSP, it said financial institutions should “adopt enhanced measures to ensure e broad acceptance of PhilID” whether its physical or electronic version as valid proof of identity and age for all financial transactions.
“BSP’s memorandum is part of ongoing program to ensure effective implementation of Philippine Identification System,” it added.
PhilID is official government-issued ID accepted for transactions with national and local government agencies, government-owned or -controlled corporations, government financial institutions, state universities and colleges and private sector entities.
It is stipulated in Republic Act No. 11055 or PhilSys Act and its Revised Implementing Rules and Regulations that an individual’s record in PhilSys shall be considered as official and sufficient proof of identity.
“BSP has identified national ID as driver of financial inclusion in the country by serving as proof of identity for opening formal transaction accounts,” the BSP’s press release read.
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