4.5 million Pinoys open bank accounts with national ID rollout

A sample of the Philippine National ID, now a valid proof of identity. Philstar.com / Irish Lising

MANILA, Philippines — Some 4.5 million Filipinos were able to open a bank account for the first time with the continued rollout of the national ID aimed at addressing financial inclusion, especially among the country’s low-income households.

In a report to Finance Secretary Carlos Dominguez III, the Land Bank of the Philippines said 4.47 million people managed to be included in the formal banking system as of the first semester.

Of this number, 27 percent or 1.23 million were able to access online digital payments and other transactions, mostly in the Visayas and Central Luzon.

Full Story: https://www.philstar.com/headlines/2021/08/24/2122147/45-million-pinoys-open-bank-accounts-national-id-rollout