Such an ecosystem is built on three pillars: The first pillar deals with democratized access to a transaction account wherein every person is able to open an account and use digital financial services. To realize this, the BSP encourages banks to offer basic deposit accounts (BDA) which meet the need of the unbanked for a lowcost, no-frills account.
A basic deposit account features a low opening amount capped at P100, no maintaining balance, no dormancy charges, and simplified identification requirements. More importantly, BSP rules for validating client identity have been eased further by allowing the acceptance of the national ID for the client on-boarding process.