The Bangko Sentral ng Pilipinas (BSP) has launched the Financial Cyber Resilience Governance Council (FCRGC) to boost collaboration across the financial sector to strengthen cyber resilience.
Launched on Feb. 11 at the BSP head office in Manila, the FCRGC aims to foster a safe and resilient financial system by promoting strong cybersecurity practices, governance, and collaboration.
BSP governor Eli M. Remolona, Jr. emphasized the importance of strengthening cyber defenses in response to growing digital threats. “This council represents our collective resolve to strengthen our cyber defenses,” he said.
Monetary Board member Jose L. Querubin will serve as the council’s advisor. BSP deputy governor Chuchi G. Fonacier and Sandeep Uppal, head of the Bankers Association of the Philippines (BAP) Cyber Committee, will serve as chairperson and vice chairperson, respectively.
The council will implement the 2024-2029 Financial Services Cyber Resilience Plan (FSRCP), which BSP launched on 6 August 2024. The plan outlines high-level goals and strategies to maintain the integrity and security of the country’s financial system.
Fonacier said: “The role of the council is clear: it is to lead the way by overseeing industry initiatives so we are on the right track in ensuring that we remain prepared to any threats that may arise.”
BAP president Jose Teodoro K. Limcaoco added, “The council is a symbol of our unity, of our shared commitment to protect the financial system, and of our resolve to outpace and outmaneuver those who seek to undermine it.”
Council members include representatives from the Chamber of Thrift Banks, Rural Bankers Association of the Philippines, Philippine E-Money Association, BancNet, and Philippine Clearing House Corporation.
The heads of the BSP’s Policy and Specialized Supervision Sub-Sector, Technology and Digital Innovation Office, and Technology Risk and Innovation Supervision Department will also serve in the council.
The council will meet quarterly to discuss the success metrics of the FSCRP, review relevant cyber threat reports, and recommend policy enhancements.
