BSP widens bank access to insurance

February 3, 2026 | 12:00am

DUMAGUETE CITY, Philippines —The Bangko Sentral ng Pilipinas (BSP) is set to release new guidelines governing banks’ digital marketplace activities by the first half, as part of a broader effort to expand access to insurance products and promote financial wellness.

BSP Deputy Governor Bernadette Romulo-Puyat said the central bank is updating its bancassurance framework to allow banks to work with a wider pool of insurance providers, beyond their existing financial conglomerates.

“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,” Puyat said.

She said that discussions with fellow BSP officials and private sector stakeholders are already at an advanced stage.

“We are finalizing new guidelines that will allow banks to partner with insurance companies outside their current financial conglomerate. So this broadens whom banks can work with to offer insurance products,” she added.

Puyat stressed that integrating insurance offerings within the banking system remains crucial to advancing financial wellness.

BSP Deputy Governor Lyn Javier explained that current rules restrict banks to distributing insurance products only within their group of related companies, a limitation that the new framework seeks to address through both digital and physical channels.

“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.

According to Javier, the forthcoming circular would also broaden the definition of partnerships or allied undertakings between banks and insurance service providers for physical distribution channels.

“With a more broader definition of that partnership, banks could now sell insurance products even outside their group,” she said, while emphasizing that institutions must still adhere to prudential and consumer protection principles.

Javier said the work on the digital marketplace rules is nearly complete.

“The digital marketplace is coming very soon because we’re already finalizing the circular based on the inputs we have,” she said. “I think just one final review for the physical touch points.”

Asked about the timeline, Javier said the BSP is targeting issuance within the first semester.

Trending