The Philippine Statistics Authority (PSA) has partnered with GoTyme, a digital bank in the Philippines, to allow Filipinos who have successfully registered for their national ID to open a bank account for free.”
The initiative targets those who register through mobile campaigns such as the Philippine Registration on Wheels, Philippine Registration on Boats and door-to-door registration.
The collaboration, formalized through a memorandum of understanding signed at the Philippine National Bank headquarters, aims to promote financial inclusion by providing unbanked Filipinos with easy access to banking services after completing national ID registration.
The move builds on PSA’s 2021 partnership with the Land Bank of the Philippines, which enabled 5.8 million Filipinos to open accounts with the bank.
As of the end of 2022, LANDBANK recorded 108,703 transactions using prepaid cards issued to individuals registered under the National ID System, with a total transaction value of Php275.8 million.
In addition to these efforts, the Philippine National Bank has also partnered with Dungganon Bank Incorporated, a microfinance rural bank in Bacolod City, Negros Occidental, to allow national ID card registrants to open free bank accounts.
Present at the signing ceremony were Philippine Service Bureau Undersecretary Claire Dennis S. Mapa and GoTyme Bank Co-CEO Albert Raymund Tinio.
Claire Denis S. Mapa
“PSA’s hosting strategy is not only aimed at facilitating national ID registration, but also at expanding our impact in promoting financial inclusion, especially for our underserved compatriots.
Our goal in implementing this plan is to deliver services that have a meaningful and positive impact on communities across the country. We anticipate that the success of this strategy will provide a strong foundation for sustainable and equitable national development that improves the quality of life for all.”
Deputy Minister Mapa said.
