Connect with us

Hi, what are you looking for?

Economy

More than 37M Filipinos done with data collection for national ID

THE GOVERNMENT has finished collecting demographic data from 37.2 million Filipinos for the national ID, close to its 50 million to 70 million target by end-2021, the National Economic and Development Authority (NEDA) said. 

The latest figure represents Filipinos who are done with the first step of the process for the Philippine Identification System (PhilSys) as of July 2, NEDA said in a statement.  

Meanwhile, 16.2 million Filipinos have finished the second step or biometrics capture, while 343,742 have already received their national ID cards.  

The Philippine Statistics Authority expects to register majority of the population to the PhilSys by 2022. 

“This [national ID] will help the government efficiently identify beneficiaries for social protection programs and spark the widespread use of electronic payments to accelerate the digital economy,” Socioeconomic Planning Secretary Karl Kendrick T. Chua said in a statement. 

PhilSys was mandated by Republic Act 1105 which was signed in 2018. It grants Filipinos a national ID, which will serve as a single identification system for all citizens, doing away with the need to present multiple government-issued IDs.  

The national ID is also seen helping bring more Filipinos into the financial system as 51.2 million adults remained unbanked as of 2019, based on a study by the Bangko Sentral ng Pilipinas (BSP), with many citing the lack of documentary requirements as a hurdle to opening accounts with banks. 

The BSP in June released Memorandum No. M-2021-035 which told banks to accept the national ID as a sole proof of identity for those who want to open accounts. 

Mr. Chua said they want to “achieve 100% financial inclusion at the family level by the end of the year” through the national ID.  

PhilSys has partnered with the Landbank of the Philippines to allow registrants to open bank accounts in registration centers. Some 4.4 million registrants had applied for accounts with the state-run bank as of July 2. — L.W.T. Noble 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

WASHINGTON — President Joseph R. Biden, Jr., on Thursday urged local governments to pay people to get vaccinated against coronavirus disease 2019 (COVID-19), and...

Economy

LONDON — Carmaker Volkswagen, plane maker Airbus, and energy major Royal Dutch Shell all posted bumper financial earnings on Thursday reflecting a generally buoyant mood...

Economy

More than just a place to eat and sleep, our home should be a sanctuary where we can keep ourselves in the best shape...

Economy

Thailand’s Phuket will ban travel from the rest of the country from Aug. 3 to 16 to try to stop a surge in coronavirus...

Investing

More than 5 million people had a parcel lost or stolen last year, according to Citizens Advice, which has called on the government to...

Investing

The number of people on furlough fell below two million towards the end of June as the economic recovery gathered pace, official figures show....

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!