Rural Banks in Philippines Receive Boost Through Grant Funding
Torres, T.

In order to expand access to formal microinsurance services in rural Philippines, the Rural Bankers Research and Development Foundation Inc. will receive a $100,000 grant from the International Labor Organization (ILO) under the Microinsurance Innovation Facility. 

The grant will enable members of the Rural Bankers Association to partner with insurance companies and offer microinsurance to its six million bank clients nationwide. The program is a joint effort of the United States Agency for international Development and the RBAP.

“With over 2,700 rural bank branches and other banking offices (OBOs) nationwide serving more than one million micro- and low income borrowers, along with almost six million deposit account holders, rural banks are best-positioned to facilitate access to formal microinsurance services in the countryside,” the statement said.

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