Cangco. . .

continued from A6

should speed up future distribution of any cash aid, ensuring that the correct amount would be received by the intended beneficiary.

In 2019, only 35 percent of adult Filipinos have bank accounts. To require Filipinos who have been issued with the unique Philsys Number to open formal bank accounts would boost financial connectivity in the country. This would help the BSP achieve its target to cut the percentage of unbanked Filipinos by doubling the number of bank account holders to 70 percent in 2023.

There would be new rules for this kind of bank account: no minimum deposit required, no transaction fees to be collected, no automatic closing for dormant accounts, and allowable transfer of the branch where the account was opened in case the account holder moves to another city or region.

Residents in remote towns and barangays without banks have the option of going to the local government units (LGU) or to the banks nearest them, where they could claim their cash aid anytime during the day or night, seven days a week. Also, the officer or person evaluating the qualifications of the intended beneficiary has no easy physical access to the cash, removing the temptation that could lead to theft and corruption.

If another pandemic, catastrophe or disaster should strike, the LGU or the assigned DSWD unit evaluating the affected residents would find their task easier. After the interview and confirmation, it would then just be a matter of submitting the list of names of qualified beneficiaries together with their respective Philsysnumber and bank account for the

transfer and credit of their cash aid. The correct and full amount would be recorded and given.

Therefore, I think a bank account should be considered as an integral part of the National ID System.

Jose Antonio Cangco has a Business Management degree from the Ateneo de Manila University and an Accounting degree from PSBA, QC. He contributed articles on ancient eastern knowledge and other subjects to the Philippine Panorama from May 2006 to December 2013. He also worked as an online editor, translator and writer on regulatory compliance at EBAR Abstracting Co. Inc., which supplies web content to www.thomsonreuters.com. He is now retired.