160 RBs undergo microinsurance training

MANILA, Philippines - A total of 160 rural banks have been trained under the RBAP Basic Microinsurance Training course since it was introduce last January 2011. The 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 Commission and the Bangko Sentral ng Pilipinas (BSP) 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 microinsurance initiative, on the other hand, is a partnership between the International Labor Organization (ILO) Microinsurance Innovation Facility and the United States Agency for International Development-supported RBAP-Microenterprise Access to Banking Services (MABS) Program.