The Bangko Sentral ng Pilipinas on Thursday said it is looking to establish a platform which would widen access of Filipinos to different pension and insurance services, as part of its efforts to boost financial inclusion in the country.According to BSP governor Eli Remolona Jr., the central bank is looking at open finance by designing an application programming interface which would initially focus on pensions under the personal equity and retirement account program.
Aside from PERA, Remolona said the BSP is also looking at APIs for insurance offerings such as life insurance, property insurance, and accident insurance, as he cited the “expensive” fees in the Philippines.“I think when we have the open finance for insurance, that will bring prices down. We have work to do, so it’s not easy to do it. We got a lot of advice and access to expertise all over the world, and so I think we can do it,” he said.