Philippines: Microfinance, Micro-entrepreneurs to Gain From National ID System

Source: Sun Star

The Philippine Central Bank, Bangko Sentral ng Pilipinas (BSP), aims to strengthen micro-entrepreneurs and microfinance institutions alike by equipping the public with the national ID system. Through the Philsys, BSP Gov. Benjamin Diokno said, the national ID will transform how services are delivered and accessed in the Philippines.

“Its online authentication and e-KYC will enable a more seamless digital onboarding, making it easier for clients to open an account,” he said during the 18th Citi Microentrepreneurship Awards Virtual Awarding Ceremony.

BSP records note the rollout of Philsys is in full swing with 11,439,214 registrants completing the collection of both demographic and biometric data process.