BSP-supervised entities’ clients urged to register SIM numbers

By Joann Villanueva

June 1, 2023, 8:06 pm

MANILA – The Bangko Sentral ng Pilipinas (BSP) is calling on BSP-supervised financial institutions (BSFIs) to remind their clients to register their subscriber identity module (SIM) numbers ahead of the extended July 25 deadline.

In a statement on Thursday, the central bank said registered SIM numbers of BSFI clients would “ensure that their payment and financial transactions proceed smoothly.”

The BSP said heeding Republic Act 11934 or The SIM Registration Act is “critical to the Philippines’ digital transformation journey.”

“SIM registration also allows clients to continuously receive advisories and reminders or alerts on their transactions,” it said.

The BSP, in a memorandum to BSFIs issued on April 22, said a registered SIM would allow the clients to have continuous access to their accounts and prevent any unnecessary interruptions in processes that generate one-time passwords and transaction authorization.

The deadline for SIM registration was originally set for April 26 but was extended for 90 days after a large number of SIM owners failed to meet the target.

The SIM Registration Act, signed into law by President Ferdinand R. Marcos Jr. on Oct. 10, 2022, aims to fight scams made through the use of the short messaging service (SMS) and online messages. (PNA)