The Bangko Sentral ng Pilipinas (BSP) is advising BSP-Supervised Financial Institutions (BSFIs) to be proactive in reminding their clients to register their Subscriber Identify Module (SIM) numbers before the extended deadline registration on 25 July this year to ensure that their payment and financial transactions proceed smoothly.
In a memorandum issued 22 April 2023, BSP reminded BSFIs that SIM registration will enable their clients to continuously access their accounts and to avoid unnecessary interruptions in processes that generate one-time passwords and transaction authorization. SIM registration also allows clients to continuously receive advisories and reminders or alerts on their transactions.
The central bank considers adherence to Republic Act No. 11934 or “The SIM Registration Act” as critical to the Philippines’ digital transformation journey.