The Market Monitor Minding the Nation's Business
The Philippine Statistics Authority (PSA) has entered into a partnership with GoTyme Bank Corporation to implement a co-location strategy for mobile registration activities under the National ID system.
In a statement released on Thursday, the PSA announced that the agreement was formalized on September 10 at its headquarters on East Avenue, Quezon City.
The partnership aims to promote greater financial inclusion by enabling unbanked Filipinos who have just registered for the National ID in mobile registration activities to open bank accounts with GoTyme Bank at no cost. These mobile registration efforts include initiatives such as PhilSys on Wheels, PhilSys on Boat, and house-to-house registration.
“The co-location strategy is designed not only to accelerate National ID registration but also to expand our reach in promoting financial inclusion, particularly for our underserved countrymen,” said PSA Undersecretary and National Statistician Dennis Mapa.
“Our goal is to deliver services that make a tangible and positive impact on communities nationwide. We believe that the success of this initiative will lay a strong foundation for sustainable and equitable national development, ultimately improving the quality of life for all,” Mapa added.
In addition to its collaboration with GoTyme Bank, the PSA has previously partnered with Land Bank of the Philippines, facilitating the co-location of National ID registration centers. This partnership has enabled 5.8 million individuals to open transactional accounts.
By the end of 2022, LandBank reported 108,703 transactions using prepaid cards issued to individuals registered through the National ID system.
The PSA also works with Dungganon Bank Incorporated, a microfinance rural bank based in Bacolod City, Negros Occidental, allowing newly registered individuals to open free bank accounts after completing their National ID registration.