COVID-19 pandemic propels digital banking in Philippines

ABS-CBN News

Posted at May 11 2020 10:57 AM | Updated as of May 11 2020 11:19 AM

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MANILA - A surge in digital adoption is a "silver lining" of the coronavirus pandemic as consumers turned to online channels for their banking needs, Unionbank chairman Justo Ortiz said Monday. 

Filipinos are ready for the digital shift and the government's national ID is key to making that happen, Ortiz told ANC.

"The force that moves us from the inertia of the status quo is the silver lining of this pandemic...The bigger story for me is that finally customers are going to be ready to adapt to fourth industrial revolution," Ortiz said. 

"I think what will spell the end of cash is the digital national ID. It becomes a very crucial component," he said. 

Bank should protect their systems from risks inherent to digital as more consumers go on board, he said.

The government is committed to fast-track the implementation of the national ID system, which can be used to distribute aid to millions of Filipinos, Acting Socioeconomic Planning Secretary Karl Kendrick Chua earlier said.