By the staff
The Bangko Sentral ng Pilipinas (BSP) is set to loosen long-standing rules on bancassurance, allowing banks and electronic money issuers to offer insurance from a wider range of providers.
The new guidelines, expected in the first half of 2026, aim to improve access to financial protection, particularly in underserved areas.
BSP deputy governor Bernadette Romulo-Puyat said the revisions will let banks reach more Filipinos.
“We’re updating our bancassurance rules. Bancassurance brings insurance closer to more Filipinos by tapping into the wide reach of banks, especially in underserved areas,” she said.
“We are finalizing new guidelines that will allow banks to partner with insurance companies outside their current financial conglomerate. So this broadens who banks can work with to offer insurance products.”
Deputy governor Lyn Javier said current rules limit banks to selling insurance only within their group.
“We’re coming up with a circular on digital marketplace, and it’s open for the big banks or the electronic money issuers opening their platform to other financial service providers, including insurance companies,” Javier said, noting that prudential standards and consumer protections will remain in place.
