BSP Eyes Wider Bank Insurance Services Within 2026

The Bangko Sentral ng Pilipinas (BSP) is targeting to liberalize its bancassurance rules within 2026, enabling banks to offer insurance products from companies outside their own corporate groups. This move is expected to foster greater competition and expand consumer choices in the country's financial services market. BSP Deputy Governor Bernadette Romulo-Puyat told reporters on the sidelines of the ASEAN-EU Business Summit 2026 that the central bank is working on guidelines to allow banks to distribute insurance products from companies outside their own groups. Currently, banks can offer insurance products primarily through their subsidiaries, affiliates, and related companies. "It should be this year. Right now it’s within the conglomerate, but we’re expanding it," she stated. Romulo-Puyat added that she believes no one will oppose the changes, as it simply provides banks with more options to offer a wider range of insurance products. The BSP has been considering changes to its bancassurance framework for years. Plans to relax the rules were first floated as early as 2008, with then BSP Deputy Governor and later Governor Nestor Espenilla Jr. involved in discussions on expanding bank services. Furthermore, in February, BSP Deputy Governor Lyn Javier announced that the central bank was preparing a circular to establish a digital marketplace where banks and electronic money issuers could open their platforms to other financial service providers, including insurance companies. This proposed marketplace is part of the BSP's broader efforts to expand digital financial services and enhance consumer access to financial products. The BSP's Manual of Regulations for Banks is regularly updated through circulars and other issuances governing the scope of banks' activities.