LandBank, PSA for PhilSys registration

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Thu, 21 Jan 2021 16:19:25 +0000

Land Bank of the Philippines (LandBank) has partnered with the Philippine Statistics Authority (PSA) to help Philippine Identification System (PhilSys) Step 2 registrants open their own bank accounts.

In a statement on Thursday, the state-run lender said it would co-locate with the PSA in registration centers for the second step of the PhilSys registration to allow registrants to open new accounts and access basic banking and other financial services.

This came after the state statistics agency revealed that more than 82 percent of more than 10.5 million registrants did not have accounts.

Step 2 involves capturing registrants’ biometric information, such as fingerprints, irises and facial photographs, at designated registration centers.

The bank will also offer a LandBank Mastercard prepaid card to successful PhilSys Step 2 registrants without any account for free through its account-opening booths at designated co-location areas.

Holders of this card can cash in, cash out and transfer funds at any LandBank branch or agent banking partner. They can also withdraw cash at automated teller machines and point-of-sale terminals, perform cashless transactions, tap payments, and shop online, as well as receive government subsidy digitally, it said.

“Our collaboration with [the] PSA significantly advances our mutual thrust toward greater financial inclusion. Through LandBank accounts, we can reach and provide financial services and government support interventions to as many underserved and unbanked Filipinos nationwide,” LandBank President and Chief Executive Officer Cecilia Borromeo was quoted as saying in the statement.

LandBank has tapped cooperatives, associations, small and medium enterprises, and private entities as agent banking partners to facilitate account applications and know-your-customer activities at PhilSys registration areas.

As of December 23, LandBank has onboarded136 local government units to assist in the data gathering for future account openings and provision of LandBank cards for their unbanked constituents who are registering in PhilSys.

The bank will also tap the services of more than 1,000 service contract workers to assist in customer on-boarding activities and ensure compliance with social distancing and health protocols.

The statement comes after the PSA announced on January 7 that it would aim to have the 10.5 million Filipinos who finished the first step of their PhilSys registration last year to take the second starting this month. This is expected to last until April.

A limited number of Step 2 registration centers were expected to open in the provinces of Bataan, Zambales, Batangas, Cavite and Rizal in the coming weeks. Others would follow suit beginning next month.