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A Bank Account Should be Required for All Filipinos: Senator

In the age of digital and ayuda.
by Arianne Merez
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Photo/s: Pixabay / florantevaldez
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Owning a bank account should be mandatory for all Filipinos, a senator said Sunday, noting that it would make the distribution of government aid in the future easier.

Sen. Sherwin Gatchalian said he would file a bill requiring each Filipino to own a bank account.

"Dapat mandatory na bigyan ng pamahalaan ang lahat ng mga naninirahan dito ng bank account. Importante na gumamit na tayo ng teknolohiya,” Gatchalian said in a statement.

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With only about half of Filipinos owning a bank account, Gatchalian highlighted the need for better financial inclusivity in the Philippines, saying contactless and cashless payments could be made possible with over 74 million Filipinos using smartphones as of 2019.

Using bank accounts for the distribution of government aid in the future could also limit corruption, the senator said.

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“Kapag ganitong may pandemya, remit na lang nang remit sa bank account at doon tatanggap ng ayuda, bahala ka na kung paano mo gagamitin ang ayuda na ‘yun,” he said.

“Even the people dispensing the cash might get infected with COVID-19. Who will then dispense the money?” the senator added.

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A financial inclusion survey conducted by the Bangko Sentral ng Pilipinas in 2019 showed that some 51.2 million Filipino adults don't own a bank account, with lack of enough money as the top reason.

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