Twenty-three (23) participants from seven (7) rural banks completed the Basic Microinsurance Training Course on April 24-25, 2012. The two-day training promotes the Rural Bankers Research Development Foundation, Inc. (RBRDFI) as the technical assistance provider for rural banks who wants to engage in marketing, selling and distribution of microinsurance products and services in compliance with the regulations of the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission, and the Insurance Commission.
The course is part of the activities of the Rural Bankers Association of the Philippines (RBAP) Microinsurance Initiative, a project that aims to build the capacity of rural banks on responsible microinsurance selling, marketing and distribution. The initiative is a partnership between the International Labour Organization Microinsurance Innovation Facility and the United States Agency for International Development-supported RBAP-Microenterprise Access to Banking Services (MABS) Program.
Since 2011, more than 400 rural bankers from 192 rural banks have completed the RBRDFI Microinsurance Training Course. Seventy-four (74) rural banks have already submitted their documents to become fully licensed microinsurance agents and twenty-seven (27) rural banks are now fully licensed by the BSP.