Bank Account

Good news again

June 23, 2021 People's Tonight 293 views

A PROPOSED legislation mandating the opening of a bank account for every Filipino citizen is still awaiting consideration in the 24-member Philippine Senate.

We cannot overemphasize the importance of hastening the passage of Senate Bill (SB) 2251 at a time when the COVID-19 pandemic continues to terrorize the world.

Under the bill authored by Sen. Win Gatchalian, starting Jan. 1, 2023, all Filipinos with the national identification (ID) card issued by PhilSys will own a bank account.

It mandates the Land Bank of the Philippines (LandBank) and the Development Bank of the Philippines (DBP) to open and maintain a bank account for every Filipino.

The two banks automatically open a bank account for any Filipino who is registered with the Philippine Identification System (PhilSys) upon presentation of his/her national ID or PhilID.

By Jan. 1, 2023, those who have yet to register with PhilSys may proceed to the nearest branch of LandBank or DBP to secure a bank account by presenting other government-issued ID cards.

The bank account shall be automatically linked with the PhilSys upon registration of the Filipino citizen.

“Mabilis, seamless at makakasiguro pa ang ating gobyerno na sa mga tamang kamay (o beneficiary) mapupunta ang mga tulong pinansyal,” according to the articulate senator.

In the view of many, the proposed law is seen to address “ang pagkukumpulan ng mga beneficiary kapag namimigay ng ayuda ang gobyerno.”

We, thus, urge Congress to fast-track the approval of SB No. 2251 or the “One Filipino, One Bank Account Act.”