The Bangko Sentral ng Pilipinas (BSP) declares the PhilSys National ID to be more than enough as a requirement to open a bank account.
In a statement, the BSP said that they are asking BSP Supervised Financial Institutions (BSFIs) to accept both the physical and mobile format of the PhilSys ID, saying that it is “sufficient and valid proof of identity” without the need for a secondary ID.
The PhilSys National ID is more secure, with online and offline methods of authentication compared to the conventional ID. It also offers QR code digital verification, biometric verification, and SMS one-time password (OTP).
The BSFIs were also directed to add the National ID as a valid form of ID for transactions.
Of course, the banks can still invoke their KYC policies and ask for additional identification should they deem it necessary.
If you haven’t yet, you can apply for a PhilSys ID, starting with an online application. You can check out the whole process on our post here — How to apply for a PhilSys National ID online.
Via: ABS-CBN News