BSP advocates PhilID for banks and non-bank financial institutions
To further encourage the utilization of the Philippine Identification System (PhilSys), the Bangko Sentral ng Pilipinas (BSP) has directed all its supervised financial institutions (BSFIs) to prioritize both the physical card and electronic version of the Philippine Identification (PhilID) among their accepted forms of identification.
In a memorandum (BSP Memorandum No. 2024-006) issued on Friday, February 16, BSP Deputy Governor Chuchi G. Fonacier emphasized the importance of this directive in facilitating the effective implementation of the PhilSys, in accordance with Republic Act No. 11055, also known as the PhilSys Act.
The PhilID, established under the PhilSys Act, holds the status of the official government-issued identification.
Fonacier reiterated the call for banks and non-bank institutions to implement robust measures aimed at ensuring widespread acceptance of the PhilID, whether in its physical card form or as the ePhilID. These should be recognized as valid and adequate proof of identity and age in all financial transactions, subject to authentication procedures.
According to Fonacier, the PhilID should take precedence over other identification documents when engaging with national government agencies, local government units, government-owned or controlled corporations, government financial institutions, and private sector entities.
She also mentioned the utilization of the PhilSys Check, an offline authentication tool employing public-private key cryptography, as a means for BSFIs to verify the authenticity of both the PhilID and ePhilID.
“Verification through the PhilSys Check involves presenting the PhilID or ePhilID and scanning the QR code embedded within. The information encoded in the QR code must match the details printed on the ID to confirm the identity of the registered individual and the legitimacy of the card,” explained Fonacier.
Business News: BSP advocates PhilID for banks and non-bank financial institutions
