ATM cards with PhilSys intended to open bank accounts

    The debit cards distributed with national ID to its registrants are empty and are intended for registrants to open their bank accounts.

    MANILA, Philippines — According to the state-run LandBank of the Philippines, the ATM cards issued to Filipinos who register with the Philippine Identification System (PhilSys) are provided for the registrants to open their bank accounts in LandBank.

    It does not contain government subsidy or any initial deposit by the government, contrary to what is circulated in social media.

    “Landbank is co-locating with the Philippine Statistics Authority (PSA) in the PhilSys rollouts nationwide to provide unbanked registrants with their own transaction accounts, to bring more Filipinos into the formal banking system in support of the national government’s financial inclusion agenda,” the bank said.

    ATM holder could make financial transactions as pay bills and buy products and services online. It will also allow them to save and withdraw cash.

    As of October, the LandBank has opened deposit accounts for 6.14 million PhilSys registrants covering 1,296 registration sites in 62 provinces, the bank said. (RA/The MiNT)

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