By Bianca Cuaresma, Businessmirror, 8 Jan 2020
THE simplified version of the standard deposit account yielded more than 2 million account holders 18 months after its implementation, the Bangko Sentral ng Pilipinas (BSP) governor reported.
In a speaking engagement on Tuesday, Central Bank Governor Benjamin E. Diokno said about 2.2 million account holders benefitted from the BSP’s basic deposit account—a big leap toward their campaign on financial inclusion.
The BSP launched the basic deposit account in January 2018 in an effort to target the unbanked sector of the economy.
While a 2014 study showed that the usual barriers to account opening include costs, lack of money, lack of documentary requirements and perceived low utility of a bank account, the BSP said the basic deposit account framework addresses these observed barriers.
The key features of the basic deposit account include: simplified know-your-customer requirements; an opening amount of less than P100; no minimum maintaining balance; and no dormancy charges.
To prevent misuse of the basic deposit account, the BSP also set its maximum balance is set at P50,000. These features meet the needs of the unbanked for a low-cost, no-frills deposit account which they can open even if they do not have the standard identification
documents.
Diokno said the program was implemented by 113 banks nationwide as of the first half of 2019.
The basic deposit account supports the implementation of the National Retail Payments System that aims to increase adoption of digital payments in the country.
By having a transactional account, the previously unbanked will be able to participate in the digital finance ecosystem and benefit from electronic fund transfers for their remittance and payment needs.
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
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July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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