Eighteen rural banks based in Luzon and Mindanao recently completed the Rural Bankers Association of the Philippines (RBAP) Basic Microinsurance Training during two separate sessions. Twenty-nine (29) bank officers and staff from ten (10) rural bank-members of the Cagayan-Kalinga Federation attended the training held in Cooperative Bank, Tuguegarao City, on November 24-25 while eleven (11) bank officers and staff from eight (8) rural banks participated in the course held on December 7-8 in Manila. Altogether, one hundred and sixty (160) rural banks have been trained under the RBAP Basic Microinsurance Training course since January 2011.
The two-day training covers the fundamental concepts and principles of microinsurance through lecture, group exercises and simulation activities. More importantly, participants are guided on the procedures and requirements of the Insurance Company and the Bangko Sentral ng Pilipinas for Microinsurance Agent licensing.
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.
Cagayan-Kalinga Federation rural banks represented were: Bangko Magsaysay, Cooperative Bank of Cagayan, Cooperative Bank of Nueva Vizcaya, Providence Rural Bank, Rural Bank of Claveria, Rural Bank of Gattaran, Rural Bank of Luna, Rural Bank of Rizal, Rural Bank of Sanchez-Mira, and Rural Bank of Tabuk.
Representatives of Banco Dipolog, Inc., Cebuana Lhuillier Rural Bank, Classical Rural Bank, Inc., First Integrity Bank, Inc., Rodriguez Rural Bank, Inc., Rural Bank of Kawit, Inc., and Sunrise Rural Bank, Inc completed the December 7 training.