To fast-track the distribution of public and social services to beneficiaries, Senator Sherwin Gatchalian is proposing that government financial institutions create a bank account for every unbanked Filipino.

Senate Bill No. 808 or the One Filipino, One Bank Account Act, which Gatchalian refiled, seeks to mandate government financial institutions, such as Land Bank of the Philippines and Development Bank of the Philippines, to open and maintain a bank account for every Filipino to access financial services provided by the government, including educational assistance and other forms of subsidy.

“Sa ilalim ng panukalang ito, mas mapapadali na ang pamimigay ng ayuda dahil derecho na ito sa mismong bank account ng mga benepisyaryo at hindi na kailangang pumila pa (Under this bill, the distribution of aid will be faster because it will be deposited to the bank accounts instead of beneficiaries lining up to claim the benefits),” Gatchalian said in a news release on Tuesday.

“Sa pamamagitan din nito, mas madaling matututo ang ating mga kababayan na gumamit ng bangko at ng mga online facility para sa iba’t ibang transaksyon tulad ng pagbabayad ng bills o mga bilihin at para mag-impok (This way, Filipinos will learn how to do banking and online facilities for transactions such as paying bills, paying for purchases, and savings),” he added.

Gatchalian said the measure will work side by side with the Community-Based Monitoring System law, a system that gathers information from all households in the community that is local government unit-based, starting at the village level.

He said coordination with villages will synchronize the distribution of aid and avoid confusion.

While the Philippine Identification System addresses the lack of documentary requirements for opening a bank account, Gatchalian said the government still needs to facilitate and strengthen the financial inclusion landscape and promote seamless, efficient, transparent, and targeted delivery of public and social services.

The Bangko Sentral ng Pilipinas 2019 Financial Inclusion Survey showed that only 28.6 percent of the respondents aged 15 years and above have a formal account, which includes bank, e-money, cooperative, and microfinance institutions accounts.

Only 12.2 percent have bank accounts, 71 percent have difficulty in opening an account due to documentary requirements, and 58 percent do not have the requirements for their loan applications in a formal financial institution, the same survey showed. (PNA)