Having this proof of identity has far-reaching benefits, particularly in promoting financial inclusion. With the “Philippine ID”, unbanked Filipinos will have a proof of identity which is a key requirement in opening a bank account. It will be easier for unbanked Filipinos to open bank accounts and avail of financial services—a win for our financial inclusion agenda.
This will enable more of our marginalized countrymen to enjoy gains from and participate more actively in the country’s growing economy. As such, the Central Bank of the Philippines is glad to take part in this game-changing reform as we join the other countries in providing a foundational platform for the delivery of services.