Sunday, September 26, 2021

PhilSys Registrants Open Landbank Accounts Sans Initial Deposit


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Having a bank account is one of the benefits assured under the Philippine Identification System (PhilSys).

Land Bank of the Philippines (LBP) has partnered with the Philippine Statistics Authority (PSA) to co-locate in PhilSys registration sites nationwide and provide unbanked registrants with their own accounts in support of the national government’s financial inclusion agenda.

As of Sept. 2, a total of 5.3 million unbanked National ID registrants have opened LBP accounts.

“Bringing unbanked Filipinos into the financial mainstream lays the groundwork for inclusive growth, especially as we fast-track initiatives toward economic recovery and sustained development,” LBP president and chief executive officer Cecilia Borromeo said in a previous statement.

“Access to formal banking services encourages people to save money, repay loans, invest in financial products, and guides them to financial independence,” she added.

Crestiyn Amor Saga, customer service assistant of LBP-Tagum City, Davao del Norte branch, recently posted on her Facebook account the requirements which PhilSys registrants should present to acquire a Landbank Agent Banking Card (ABC).

LBP issues an ABC even without an initial deposit to registrants aged at least 18 years.

The ABC may be used for cash-in, cash-out, and transfer funds at any LBP branch or agent banking partner.

The holder can also withdraw cash at Mastercard-accepting automated teller machines, perform cashless transactions, shop online, and receive government subsidies digitally.

Either one of identification cards issued by the Social Security System, Philippine Health Insurance Corporation, Professional Regulation Commission, Philippine Postal Corporation, Maritime Industry Authority, and school; driver’s license; passport; National Bureau of Investigation or police clearance; or senior citizen, overseas Filipino worker or Overseas Workers Welfare Administration ID may be presented along with the PSA transaction slip.

In case of errors or discrepancies like wrong spelling or wrong birthday, the registrant should present a photocopy of the birth certificate.

If the postal address is different from what is on the ID presented, a Barangay Certificate is required.

In case the married surname will be used, the marriage contract must be presented.

A Barangay Certificate indicating the full name, birthdate, birthplace, civil status, age, current address, signature, and ID photo may be shown in lieu of any of the allowed ID.

The LBP booth is at the second floor of Robinsons Place Tagum, one of the PhilSys registration centers. Registration is open Mondays to Saturdays from 10 a.m. to 6 p.m.

Signed into law by President Rodrigo R. Duterte in August 2018, Republic Act 11055, or the Philippine Identification System Act, aims to establish a single national ID for all Filipinos and resident aliens.

The national ID shall be a valid proof of identity that shall be a means of simplifying public and private transactions, enrollment in schools, and the opening of bank accounts.

It also seeks to boost efficiency, especially in dealing with government services where people will only need to present one ID during transactions. (PNA)

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