Date Issued: 05.20.2008 Number : 608 CIRCULAR NO. 608 Series of 2008 Subject : Valid Identification Cards (IDs) for Financial Transactions Pursuant to Monetary Board Resolution No. 553 dated 8 May 2008, the provisions of Circular No. 564 dated 3 April 2007 on the guidelines governing the acceptance of valid identification cards for all types of financial transactions by banks and non-banks financial institutions under BSP supervision, including financial transactions involving overseas Filipino workers (OFWs), in order to promote access of Filipinos to services offered by formal financial institutions, particularly those residing in the remote areas, as well as to encourage and facilitate remittances of OFWs through the banking system, are hereby amended to read as follows: a) Clients who engage in a financial transaction with covered institutions for the first time shall be required to present the original and submit a CLEAR copy of at least ONE (1) valid photo-bearing ident...