BSP instructed banks to recognize the validity of PhilSys ID
The Bangko Sentral ng Pilipinas (BSP) has once again directed banks and other BSP-supervised financial institutions (BSFIs) to prioritize the Philippine identification card (PhilID) as the top acceptable valid ID, considering it as the official government-issued ID. This directive mandates BSFIs to implement enhanced measures ensuring the broad acceptance of the PhilID in all financial transactions, whether in physical or electronic form, subject to authentication. To facilitate verification, BSFIs can utilize the PhilSys Check identity authentication tool to match the data stored in the QR code with the information printed on the ID.
Furthermore, the BSP requires BSFIs to prominently display the list of acceptable valid IDs within their premises and online platforms, ensuring widespread awareness among their personnel and branches. This initiative aligns with the BSP’s ongoing efforts to effectively implement the Philippine Identification System (PhilSys), as mandated by Republic Act No. 11055.
The PhilID serves as the primary government-issued identification document for transactions with various entities, including government agencies, educational institutions, and private sector entities. Recognizing its importance in driving financial inclusion, the BSP emphasizes the PhilID’s significance as the primary ID for dealings with both public and private sector entities.
Moreover, the PhilID serves as sufficient proof of identity for various purposes, such as applying for marriage licenses, driver’s licenses, educational enrollment, and professional licensure examinations. Despite occasional challenges regarding its acceptance, the BSP encourages customers to report any instances of refusal by banks or non-bank institutions to accept the PhilID. The BSP is committed to addressing such issues through its Financial System Integrity Department (FSID) to ensure compliance with its directives and promote inclusivity in financial transactions.
Business News: BSP instructed banks to recognize the validity of PhilSys ID
