7.2 million unbanked Pinoys open LANDBANK accounts in 2021 thru PhilSys

ABS-CBN News

Posted at Jan 24 2022 03:32 PM

MANILA - At least 7.2 million previously unbanked Filipino registrants of the national ID system were onboarded through LANDBANK as of the end of 2021, the state-run bank said Monday.

LANDBANK was tapped to encourage registrants of the Philippine Identification System (PhilSys) to open bank accounts through a co-location effort with the Philippine Statistics Authority, it said in a statement. 

Out of the 7.2 million, 1.6 million are from Central Luzon, 1.4 million from Eastern Mindanao, 1.2 million from Eastern Visayas and 1.1 million from Western Visayas, LANDBANK said. 

“LANDBANK remains committed to reaching more of the unbanked population in support of the National Government’s financial inclusion agenda. We have so far made significant headway in bringing unbanked PhilSys registrants into the formal banking system, as we continue our strategic and fruitful partnership with the PSA,” said LANDBANK President and CEO Cecilia Borromeo.

Meanwhile, those who have received their LANDBANK prepaid cards have already used their accounts for transactions amounting to P86.1 million, the bank said. 

Transactions include cashing in, withdrawals at ATMs and making payments through point-of-sale (POS) terminal and online, among others.

Unbanked national ID registrants can sign up for LANDBANK accounts once they have completed their PhilSys Step 2 registration process, which covers validating supporting documents and biometrics capture.

Clients are however, reminded that the issued cards to unbanked national ID registrants are not pre-loaded with government subsidy or "ayuda."

The National Economic and Development Authority said in September, some 41.9 million people have started the registration process to get their national ID cards.

Economic managers have repeatedly said digitalization would boost financial inclusion in the country.

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