BSP Mandates Acceptance of Digital National ID by Financial Institutions

MANILA — In a significant policy update, the Bangko Sentral ng Pilipinas (BSP) has mandated all BSP-Supervised Financial Institutions (BSFIs) to recognize and accept the national identification (ID) in all its formats, including the newly introduced digital version. This directive aims to streamline identity verification processes and enhance the accessibility of financial services across the Philippines.

According to Philippines News Agency, issued on August 9 and disclosed through the central bank’s website, all national IDs, whether digital or physical, must now be treated as valid and primary proof of identity by financial institutions. This move is intended to foster a more inclusive banking environment and simplify the process for citizens to engage with financial services using their official government-issued IDs.

The digital national ID, which launched on June 10, is designed to be accessed easily via computers or smartphones connected to the internet. It features essential personal information such as the holder’s full name, date of birth, address, and other demographic details, alongside a Quick Response (QR) code for enhanced security and verification purposes.

Furthermore, the BSP has required all BSFIs to utilize a specific website (https://everify.gov.ph/check) to verify the authenticity of presented national IDs. This verification system allows institutions to authenticate the details contained in the digital ID by scanning the embedded QR code.

In addition to standard verification, the BSP encourages financial entities to fully integrate with the National ID System. This integration, facilitated through the National ID Authentication Services, aims to bolster the security and reliability of ID verification processes, particularly for transactions requiring high assurance of identity confirmation.