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Banking Services made more accessible via new BSP Circular
Banking services made more accessible via
new BSP Circular.
The Bangko Sentral ng Pilipinas (BSP) made simpler the identification requirements when opening an account to encourage more people to save. The recently promulgated Monetary Board Resolution (MBR) #553 via BSP Circular # 608 series of 2008 requires depositors to present only one (1) valid identification issued by an “official authority” from the previous three (3) IDs as required by most financial institutions.
It is hoped that this new resolution would make banking more accessible to a broader segment of the population who were previously unable to avail of bank services due to inadequate means of identification.
The resolution does not only apply to account opening but also to other banking transactions such as claiming of remittance proceeds by OFW beneficiaries.
The lists of acceptable identification documents based on MBR #564 are as follows:
- Passport
- Driver’s License
- Professional Regulation Commission (PRC) ID
- National Bureau of Investigation (NBI) Clearance
- Police Clearance
- Postal ID
- Voter’s ID
- Barangay Certification
- Government Service Insurance System (GSIS) e-Card
- Social Security System (SSS) Card
- Senior Citizen Card
- Overseas Workers Welfare Administration (OWWA) ID
- OFW ID
- Seaman’s Book
- Alien Certification of Registration (ACR) / Immigrant Certificate of Registration
- Government Office or Government Owned and Controlled Corporations (GOCC) ID (e.g. AFP ID, HDMF (Pag-ibig Fund) ID, etc.)
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- Department of Social Welfare and Development (DSWD) Certification
- Integrated Bar of the
- Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP (Bangko Sentral ng Pilipinas), SEC (Securities and Exchange Commission) or IC (insurance Commission).