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Is TIN Required for Opening a Bank Account in the Philippines?

Some time ago, I was to open a bank account in one of the top banks in the Philippines. I brought the requirements/documents such as my NSO birth certificate, Barangay Clearance and Postal ID. I presented those documents to the bank officer but he denied my application. Why? He was requiring me to submit my TIN (Tax Identification Number). I didn't have a TIN at that time. I was unemployed. But I have a small business at that time.
Is TIN required in Opening Bank Account in Philippines

That was why I searched for another bank. And that other bank accepted my application and my documents (requirements). I concluded to myself that TIN is not required to open a bank account in certain banks in the Philippines.

In my own thinking, not all people have TIN particularly farmers, fishermans, carpenters, laborers, salesladies, housewives, students and those who are engaged in micro-businesses or small businesses. They contribute the biggest chunk of the population of the Philippines. That's why most banks don't require TIN for their applicants or new depositors. We know that banks are very hungry of acquiring new depositors whose cash become additional asset to banks. Banks will use those cash to earn money from lending (loan) it to borrowers with interest or by investing it to the stocks or investing it to diversified investment vehicles.

For those who want to open an account in a bank that requires TIN, you can get your TIN online for free by reading this article: "How to Get TIN (number) Online in the Philippines?".

What do you think of banks that require you to submit TIN?

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"Is TIN Required for Opening a Bank Account in the Philippines?" was written by under the Banking category. It has been read 15375 times and generated 3 comments. The article was created on and updated on 23 June 2015.
Total comments : 3
pia   (11 July 2018 6:30 PM) [Entry]

Hi! what bank did you choose instead?
admin   (11 July 2018 6:38 PM) [Entry]

Pia, I chose BDO, Metrobank, and LandBank.
Ivy   (11 August 2015 10:58 AM) [Entry]

Hi! I would like to ask, what bank were you able to open an account?