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.
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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