BSP to Ease Bancassurance Rules in 2025 to Expand Insurance Access

The Bangko Sentral ng Pilipinas (BSP) will issue revised guidelines this year to allow banks in the Philippines to sell insurance products from multiple providers, aiming to broaden bancassurance activity. The new rules will permit partnerships beyond existing financial conglomerates via joint ventures and strategic alliances. Deputy Governor Bernadette Romulo-Puyat said the change is designed to enhance consumer access to insurance and support financial well-being. Industry leaders, including the Philippine Life Insurance Association, welcomed the update, noting its potential to improve reach in underserved regions. As of March 2025, insurance penetration in the Philippines increased to 1.89%, up from 1.78% the previous year, according to data from the Insurance Commission.