The Philippine Statistics Authority (PSA) has teamed up with Filipino digital bank GoTyme to enable Filipinos who have successfully registered for their National ID to open bank accounts for free.”
This initiative targets those registering through mobile activities like PhilSys on Wheels, PhilSys on Boat, and house-to-house registration.
The partnership, formalized through a Memorandum of Agreement at the PSA Headquarters, is aimed at promoting financial inclusion by offering unbanked Filipinos easy access to banking services upon completing their National ID registration.
This initiative builds on PSA’s previous collaboration with Land Bank of the Philippines in 2021, where 5.8 million Filipinos were able to open accounts.
By 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 PHP 275.8 million.
In addition to these efforts, the PSA has partnered with Dungganon Bank Incorporated, a microfinance rural bank in Bacolod City, Negros Occidental, to allow National ID registrants to open free bank accounts.
Present at the signing were PSA Undersecretary Claire Dennis S. Mapa and GoTyme Bank Co-CEO Albert Raymund Tinio.
Claire Dennis S. Mapa
“The PSA’s colocation strategy was not only designed to boost National ID registration but also to extend our reach in facilitating financial inclusion, especially to our underserved kababayans.
Our goal with this initiative is to deliver services that make a meaningful and positive impact on communities nationwide. We anticipate that the success of this strategy will create a strong foundation for sustainable and equitable national development, leading to an improved quality of life for all.”
said Undersecretary Mapa.