In yet another step in the country’s long journey toward achieving full financial inclusion, rural banks can now offer financial products like insurance policies and credit cards to their clients in the countryside, after the Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), liberalized the framework for cross-selling of banks.
Under BSP Circular 801 series of 2013, “cross-selling” allows the sale of a financial product in other affiliate intermediaries sold in affiliate banks. Banks, particularly rural banks, may now “cross-sell” loan products such as credit cards, home mortgage loans, personal and other retail loans; term, life, nonlife and other protection-type insurance products; cash, debit and related products; and other similar financial instruments that may be authorized by the Monetary Board.
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