All Filipinos who have registered in the national identification (ID) system will own a bank account to access government’s financial services starting January 1, 2023.
This was contained in Senator Win Gatchalian’s proposed Senate Bill No. 2251 or the “One Filipino, One Bank Account Act.”
Gatchalian’s bill seeks to mandate the Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP) to open and maintain a bank account, free from any opening and maintenance fees or charges, for every Filipino citizen beginning January 1, 2023.
Under the bill, the LandBank and DBP shall automatically open and maintain a bank account for Filipino citizens who have successfully registered with the Philippine Identification System (PhilSys) upon presentation of the national ID or PhilID.
Those who have yet to register with PhilSys by Jan. 1, 2023, may proceed to the nearest LandBank or DBP branch to secure a bank account by presenting other proper and acceptable government-issued IDs.
The bank account shall be automatically linked with the PhilSys upon successful registration of the Filipino citizen.
For minors or those who are incapacitated to give consent under Article 1327 of the New Civil Code, their bank accounts shall be opened and linked with the accounts of their parents, legal guardians or persons exercising substitute parental authority, as the case may be, Gatchalian said.
Despite the boom of digital payment solutions during the pandemic, Gatchalian said 51.2 million Filipinos or 47% of the Filipino population remain unbanked.
