The Bangko Sentral ng Pilipinas (BSP) has established the Financial Cyber Resilience Governance Council (FCRGC) to strengthen the country’s financial system against cyber threats.
The Council will bring together key industry players to improve cybersecurity measures and ensure financial institutions are prepared for potential risks. It will help promote cybersecurity practices, governance, and collaboration across the financial sector.
“This Council represents our collective resolve to strengthen our cyber defenses,” said Bangko Sentral Governor Eli Remolona Jr.
Monetary Board Member Jose Querubin will serve as the Council’s advisor. BSP Deputy Governor Chuchi Fonacier has been appointed chair, while Sandeep Uppal, head of the Bankers Association of the Philippines (BAP) Cyber Committee, will act as vice chair.
The Council’s main task is to oversee the 2024-2029 Financial Services Cyber Resilience Plan (FSRCP), which BSP launched in August 2024. The plan outlines strategies to keep financial institutions secure amid growing cyber risks.
“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 for any threats that may arise,” Fonacier said.
Industry groups such as the Chamber of Thrift Banks, Rural Bankers Association of the Philippines, Philippine E-Money Association, BancNet, and Philippine Clearing House Corporation are part of the Council. BSP officials specializing in policy, digital innovation, and risk supervision will also contribute.
The Council will meet every three months to review cybersecurity progress, analyze emerging threats, and recommend updates to existing policies.