November 18, 2021 | 00h00
MANILA, Philippines – Debit cards distributed to national ID card holders do not contain cash, unlike what is posted on social media.
The state-run Land Bank of the Philippines released the clarification, saying ATM cards issued to Filipinos registering with the Philippine Identification System (PhilSys) can only be used to open accounts. banking.
He said debit cards do not contain any amount of government subsidy.
Landbank has called on the public to avoid overcrowding PhilSys check-in sites, believing that the debit card they will receive has an initial deposit courtesy of the government.
Landbank said it was only working with the Philippine Statistics Authority (PSA) to deploy PhilSys to encourage registrants to open a deposit account with no investment required.
Land Bank is co-locating with PSA in nationwide PhilSys deployments to provide unbanked registrants with their own transaction accounts, to bring more Filipinos into the formal banking system in support of the inclusion agenda financial support of the national government, âLandbank said.
He said ATM holders can conduct financial transactions, pay bills and buy products and services online, as well as save them money and withdraw money.
Landbank opened deposit accounts for 6.14 million PhilSys registrants from 1,296 registration sites in 62 provinces in October.
The PSA registered 41 million Filipinos, or 82% of the target for the year as of Nov. 4.