How to Open Philstocks Account for OFWs: A Step-by-Step Guide

By Remitbee - Apr 21, 2022

Philstocks Financial Incorporated was founded in 2001 and is regulated by the Security and Exchange Commission (SEC) and some other government entities in the Philippines.

It is a free online stock trading platform that provides investors with access to the Philippine stock market. It's a convenient and straightforward means for Filipinos to invest their hard-earned money. Follow the easy steps below if you are an OFW and interested in opening a Philstocks account!

Step 1: Prepare Requirements

Before you create your account with Philstocks, ensure that you prepare these needed requirements:

1. Identification cards

Primary IDs: Driver's License, Passport, SSS (digitized), GSIS (digitized), Unified Multi-Purpose ID, Integrated Bar of the Philippines (IBP) ID, PRC ID, Postal ID (digitized), Phil Health Identification Card (digitized), TIN (digitized), and CSC Eligibility Card Secondary IDs: SSS ID (laminated), Senior Citizen Card, OFW ID, OWWA ID, Seaman's Book, Tin ID (laminated), Voter's ID, Phil Health Identification Card (laminated), Home Development Mutual Fund (HMDF) or PAG-IBIG ID, Armed Forces of the Philippines (AFP) ID, PWD ID, and PNP ID

2. Valid email address and phone number that will be needed for verification

Step 2: Register Online

Here is a detailed breakdown of steps you need to do to open an account online with Philstocks. Visit (https://registration.philstocks.ph/). Creating your account online is made easy. Click the "Let's Begin" button to start your online registration. Don't forget to take your time to read and agree to the Terms and conditions. Input basic information, including your active email address and phone number. You will be asked to choose what will be used in verification once you hit "continue."

Input other information on the registration form, like your TIN, address, etc.

Choose the type of account you want to have. Each type of account you have with Philstocks will require different requirements. Please see the document/s required below for your reference:

A. Individual Account / Joint Account

  • Option 1: One (1) primary ID (non-expiry) or at least one (1) year validity
  • Option 2: Two (2) Primary IDs with at least six months of validity)
  • Option 3: provide at least one (1) primary (at least six months validity) ID, one (1) secondary ID
  • Option 4: present at least two (2) secondary IDs

B. In-Trust-For (ITF) Trading Account

  • For Primary Account Holder/ Principal
  • Required IDs are the same as above
  • Notarized ITF Form - indicating whether the owner will be a joint or sole owner upon maturity (Requirements and Procedure for ITF Account)

Upload your valid IDs and take a selfie.

To verify your identity, you must upload a clear copy of your valid ID, a blank white paper with three (3) specimen signatures, and a "selfie" holding your valid ID. Make sure to follow these tips:

  1. f the signature portion is at the back of the card, take a photo of the front and back of your ID without using a flash.
  2. Place your ID on a flat surface and capture the image from above.
  3. Check that all four corners of your ID are visible.
  4. Do not crop, rotate, touch up, adjust colours, or alter the images.

##6. After successfully registering, you will receive an email informing you of the status of your application and the final requirements for activation. Please ensure that you have thoroughly followed the instructions to avoid a delay in processing your application.

Step 3: Deposit Your Initial Investment To activate your account, you will be asked to deposit an initial amount of 5,000 pesos. You can then use this amount in purchasing stocks, and it does not represent a balance requirement. There are six options for funding your account:

Over-the-counter: You or a representative can pay in cash or cheque at their office. Cash will be credited to your account within an hour. On the other hand, cheque payments will be credited based on the clearing period of your check. This would typically take 1-3 days to complete.

UnionBank: You must first enroll your Philstocks Account Number (PAN) in their online banking bills payment facility via their mobile app or website.

BDO and BPI: You can pay in cash or by check either over the counter, through your mobile app, or on their website.

Weepay: Payments can be made through a BancNet ATM for a fee of P25.

Coins.ph: This can be done using the Philstocks Mobile App.

Metrobank: You can do this at any ATM.

Step 4: Add Fund Request

If you want to add additional funds to your Philstocks account, you must first upload your proof of transaction. You can do this by:

  1. Log in to your Philstocks account
  2. Click "Request"
  3. Select "Add funds"
  4. Complete details of your payment
  5. Upload a screenshot or a photo of your payment receipt.
  6. Then click "Proceed"

Please remember that they will only process Add Fund Requests submitted after 4:00 p.m. the following working day. If you are to issue a check to add funds, please make it payable to Philstocks Financial Inc.

Conclusion

If you are still hesitant to invest your money in Philstocks, you can instead enroll yourself in a free trial. A trial account makes it possible to try out online trading with Philstocks for free for seven (7) days. It allows you to practice real-time trading and use the platform's trade tools and other widgets to explore.

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