BSP Forms Council to Strengthen Cyber Resilience

The Bangko Sentral ng Pilipinas (BSP) has launched the Financial Cyber Resilience Governance Council (FCRGC) to enhance collaboration across the financial sector and bolster cybersecurity.

Launched on Feb. 11, 2025, at the BSP head office in Manila, the FCRGC aims to build a secure and resilient financial system through strong cybersecurity practices, governance, and industry cooperation.

BSP Governor Eli M. Remolona Jr. emphasized the need to reinforce cyber defenses amid rising 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 will be chairperson, while Sandeep Uppal, head of the Bankers Association of the Philippines (BAP) Cyber Committee, will be vice chairperson.

The council will implement the 2024-2029 Financial Services Cyber Resilience Plan (FSCRP), which BSP introduced on Aug. 6, 2024. The plan outlines key strategies to protect the integrity and security of the country’s financial system.

“The council’s role is clear: to lead the way in overseeing industry initiatives and ensuring we stay prepared for emerging threats,” Fonacier said.

BAP President Jose Teodoro K. Limcaoco added, “The council is a symbol of our unity and shared commitment to safeguarding the financial system while staying ahead of 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 the Philippine Clearing House Corp. Senior officials from BSP’s Policy and Specialized Supervision Sub-Sector, Technology and Digital Innovation Office, and Technology Risk and Innovation Supervision Department will also serve on the council.

The council will meet quarterly to assess FSCRP progress, review cyber threat reports, and recommend policy updates.