The Bangko Sentral ng Pilipinas (BSP) has called for stronger governance and consumer safeguards as banks and other financial institutions expand their use of artificial intelligence.
BSP governor Eli Remolona Jr. said AI could help financial institutions analyze complex information and generate ideas, but decisions over how the technology is used must remain with people.
“AI can identify patterns, generate ideas, and help us make sense of complexity. But deciding where we want to go or what outcomes we value most by using AI, that remains our responsibility,” Remolona said.
He added that AI should complement workers rather than replace them, as its wider adoption creates new risks alongside potential benefits for consumers and businesses.
BSP deputy governor Lyn Javier said the central bank would work to ensure that safeguards are in place to protect consumers as AI becomes more widely used in financial services.
The statements were made during the BSP AI Summit 2026 held on July 27 at the central bank’s head office in Manila.
The event brought together regulators, banking executives, and technology professionals to discuss the transition of AI projects from pilot testing to operational use.
Industry participants cited customer service, fraud detection, and operational efficiency as among the areas where AI is already being deployed. Discussions also covered the role of reliable data in risk management and decision-making.
The BSP did not announce new AI regulations during the event, but its emphasis on governance signals closer regulatory attention as financial institutions integrate the technology into consumer-facing and internal systems.
