MANILA – The National ID system will help more Filipinos become financially stable by improving access to credit, an information solutions firm said Thursday.
With a proper ID, Filipinos can get bank accounts and credit scores that show their stability and integrity in paying loans, Pia Arellano, president and CEO of Transunion, told ANC.
“It (National ID) pretty much opens the door again for more credit improving access and really diminishing that unbanked metric incidence,” Arellano said.
Over 52 million adult Filipinos are still unbanked, according to a July poll by the Bangko Sentral ng Pilipinas.
Respondents cited the lack of funds and lack of proper identification as some of the reasons why millions in the Philippines still do not have bank accounts.
President Rodrigo Duterte signed the Philippine System Identification Act (PhilSys Act) on August 6, mandating the government to create a single official identification card for all citizens.
ANC, ANC Top, ANC Exclusives, unbanked, national ID, credit score, Philippine System Identification Act, PhilSys Act