The Bangko Sentral ng Pilipinas (BSP) has directed banks and other BSP-supervised financial institutions (BSFIs) to place the Philippine identification card (PhilID) at the top of the list of acceptable valid IDs.
In a statement yesterday, the BSP said all BSFIs must 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 (quick response) code match the information printed on the face of the ID,” it said.
The BSP issued Memorandum 2024-006 last Feb. 15, requiring BSFIs to display the list of acceptable valid IDs 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.
BSFIs were also instructed to extensively disseminate the memorandum to all personnel and branches concerned.
The BSP’s memorandum is part of the ongoing program to ensure the effective implementation of the Philippine Identification System (PhilSys).
Republic Act 11055 or the PhilSys Act and its revised implementing rules and regulations provide that an individual’s record in the PhilSys shall 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.*PNA
