Singson eyes easier banking access for Pinoys

To further raise the number of Filipinos with bank accounts, Ilocos Sur Governor and senatorial candidate Luis “Chavit” Singson said he will launch a digital bank version of Vigan Banco Rural Incorporada, popularly known as Vigan Bank.

In an exclusive interview on DAILY TRIBUNE’s digital show Usapang OFW, Singson revealed that over 70 percent of Filipinos do not have bank accounts. This contrasts with a recent report by Fintech Times which said that 56 percent of Filipinos had bank accounts as of this year, a significant improvement from only 21 percent in 2021.

“The reason our economy is not pulling through is because the money is outside. Seventy-seven percent of Filipinos do not have bank accounts, while 51 percent don’t have credit cards. All Filipinos must have bank accounts,” Singson said.

He said the VCard app will be easily accessible for download in the App Store for Apple users and Play Store for Android users.

“IDs are not needed anymore. You just need to fill out the information in the app and upload your selfie. This will be a great help for MSMEs as they can do business using the app. Those who don’t have bank accounts will be able to open one next month, which can be used not only here in the Philippines but globally,” he said.

Singson said the VBank comes with a free ATM card, delivered upon application, and is powered by Visa and Mastercard.

“The money is safe in the app, with a limit of P100,000. It has safeguards for its users from scammers. The app and card can pay utilities, as well as the e-jeeps that we will also launch in the coming years,” he said.

Also, Singson said they will collaborate with local government units to use the personalized cards in their cash aid programs.

“If I win in the Senate, the first bill I will file is the Universal Basic Income. There were funds lost in the current TUPAD program. I will name it CHAVIT Program to provide P500 monthly to those 18 years old and above who are earning below minimum wage,” he said.

E-Jeep

The launch of the app is part of Singson’s broader initiatives for Filipinos, should he succeed in his senatorial bid in the 2025 midterm elections.

Singson recently announced that he would lead efforts to provide loans to jeepney operators and transport cooperatives for the purchase of electric jeepneys, which would help drivers comply with the government’s public utility vehicle modernization program.

Singson said he would formulate a subsidy scheme and provide P1.2 million each in funding via loans to drivers and operators.

“The original price is P2.2 million. But since I have already told the operators that I will give it to them at P1.2 million, then I will be true to my promise. It doesn’t matter if I will take charge of half of the original cost. May isang salita ako eh (I keep my word),” he said.

“He said the e-jeep can accommodate 22 passengers with six passengers standing. This will be given in a rent-to-own repayment scheme. What drivers and operators have to do is pay their debt so that the money will be useful also to others,” he added.

The PUVMP of the Department of Transportation is now in the route rationalization stage and will push through, according to Undersecretary for Road Transport and Infrastructure Andy Ortega.