Implementation of the proposed National ID System could generate substantial savings for the government, the Bangko Sentral ng Pilipinas’ Investor Relations Office (IRO) said. A bill seeking to implement the proposed National ID System has already passed both the House of Representatives and the Senate and is now undergoing bicameral deliberations. The IRO said the National ID System was being backed by the Department of Finance and the Bangko Sentral given its potential to boost the delivery of government services. The central bank also said the system would help promote financial inclusion as it would help the marginalized access formal financial channels. It is also expected to reduce corruption, reduce red tape, avert fraudulent transactions and misrepresentation, and promote the ease of doing business.

Source: Manila Times May 07, 2018 16:30 UTC