Banking & Insurance

The Bangko Sentral ng Pilipinas (BSP) has reaffirmed its backing of the national government’s drive to develop new growth industries, noting these sectors can only take root and expand on the bedrock of economic stability and a robust financial system.

The urgent need to close the country’s wide risk protection gap has never been clearer—and for millions of Filipino consumers, it is not just a sector challenge, but a daily, pressing reality. Boston Consulting Group data show 64 percent of Filipinos cannot cover a ₱10,000 medical expense without going into debt or relying on an HMO, even as insurance penetration hit a record 2.03 percent in Q1 2026. This gap leaves most families dangerously exposed: a sudden illness, accident, or loss of a breadwinner instantly turns regular payments into crushing debt, forcing many to borrow from predatory lenders and trapping households in cycles of financial hardship. For consumers, this means no real safety net—one misfortune can erase progress and burden loved ones for years.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. and his counterparts from the East Asia and Pacific region have pledged to deepen cooperation on shared challenges facing financial systems, advancing key initiatives to bolster consumer safeguards and guide responsible artificial intelligence (AI) adoption across the industry.

Security Bank Corp. and its investment banking arm Security Bank Capital Investment Corp. have won three Asian Banking & Finance Awards 2026, recognizing their digital banking initiatives and role in financing one of the Philippines’ largest renewable energy projects.

Nextbank and Mount Carmel Rural Bank, Inc. (MCRBi) are expanding their partnership to bring mobile banking services to more customers in CALABARZON, giving households and small businesses greater access to digital financial services.