In Philippines, Rural Bankers Research and Development Foundation,
Government Agencies Support Banks to Offer Microinsurance Services
by MicroCapital on Wednesday, October 19, 2011 at 12:22am
The Rural Bankers Research and Development Foundation Incorporated
(RBRDFI), the research and development arm of the nonprofit Rural
Bankers Association of the Philippines (RBAP), has been offering
training on microinsurance to local rural banks, of which seven have so
far been licensed to offer microinsurance services by the Bangko Sentral
ng Pilipinas (BSP), the central bank of the Philippines, and the
Insurance Commission (IC), which regulates the country's insurance
industry. Another 40 rural banks reportedly have applications pending.
RBRDFI has trained 270 bank staff from 130 rural banks under its "Basic
Microinsurance" course since the start of 2011 [1]. The course covers
the fundamentals of microinsurance selling, marketing and servicing.
The Philippine government, through a tie-up between two agencies, the
Department of Finance (DOF) and the Department of Social Welfare and
Development (DSWD), is also working to expand microinsurance coverage by
targeting beneficiaries of the cash transfer program "Pantawid Pamilyang
Pilipino," which reached 2.3 million households this year and is
forecast to reach a total of 3 million beneficiaries by 2012 [2].
Beneficiaries will be linked with microinsurance mutual benefit
associations, which provide life, credit life and health insurance
coverage [3].
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