Under this collaboration, individuals will be able to open bank accounts for free, with a focus on extending financial services to previously underserved or unbanked segments of the population. This initiative is primarily targeted at those who participate in mobile registration activities such as the PSA's PhilSys on Wheels, PhilSys on Boat, and house-to-house registration efforts.
The formalization of this partnership took place through the signing of a Memorandum of Agreement at the PSA Headquarters. The main objective of the collaboration is to promote financial inclusion across the country by leveraging the National ID system to provide easier access to banking services. The initiative aims to bridge the gap for millions of unbanked Filipinos who have historically had limited or no access to financial institutions.
This partnership with GoTyme builds on the PSA's earlier efforts, including its collaboration with Land Bank of the Philippines in 2021. Through that program, 5.8 million Filipinos were able to open bank accounts, furthering the government’s goal of increasing financial inclusion. By the end of 2022, LANDBANK had recorded 108,703 transactions made using prepaid cards that were issued to individuals registered under the National ID system.
The total value of these transactions amounted to PHP 275.8 million, highlighting the growing importance of such initiatives in driving financial activity and inclusion across the country.
In addition to this latest partnership with GoTyme, the PSA has also formed an agreement with Dungganon Bank Incorporated, a microfinance rural bank based in Bacolod City, Negros Occidental. This partnership similarly allows National ID registrants to open free bank accounts, further extending access to financial services to rural and marginalized communities.
The continued expansion of these partnerships reflects a broad, coordinated effort to enhance financial inclusion and economic participation throughout the country, particularly among those who have been traditionally excluded from the formal banking system.
The signing of the agreement between PSA and GoTyme was attended by PSA Undersecretary Claire Dennis S. Mapa and GoTyme Bank Co-CEO Albert Raymund Tinio. Undersecretary Mapa emphasized that these partnerships not only aim to boost National ID registration but also to create greater access to financial services, which is seen as a crucial step toward reducing inequality and fostering sustainable economic development.
By facilitating access to banking services, the PSA hopes to make a meaningful impact on communities across the country and provide a stronger foundation for inclusive growth.
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