The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has decided to allow smaller banks such as rural, cooperative, and thrift banks to provide microinsurance products.With the aim of lowering transaction costs, BSP has stated that the 3,500 rural, cooperative, and thrift banks in the Philippines will be allowed to sell authorized insurance products. As stipulated by the government, the premiums, contributions, fees and charges for these products must not exceed five percent of the daily minimum wage and guaranteed benefits must not exceed 500 times the daily minimum wage.

By Christopher Maggio, Research Assistant

About:

Bangko Sentral ng Pilipinas (BSP)

Description:
Established in July 1993, Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. BSP has three regional offices performing cash operations, cash administration and eighteen branch offices. BSP participates in advocacy programs concerning microfinance, financial education and consumer protection.

Organization’s Website
http://www.bsp.gov.ph/index.asp

Contact Information
Bangko Sentral ng Pilipinas
A. Mabini St. cor. P. Ocampo St.,
Malate Manila, Philippines 1004
Tel. No. : +632 524.70.11
Fax No. : +632 523.62.10
E-mail: bspmail@bsp.gov.ph

Additional Resource:
GMA News article entitled ‘BSP allows smaller banks to sell microinsurance’: http://www.gmanews.tv/story/183892/bsp-allows-smaller-banks-to-sell-micr…

MicroCapital’s Microfinance Universe profile: BSP