
TO BOLSTER the cyber resilience of the country’s financial system, the Bangko Sentral ng Pilipinas (BSP) has launched the Financial Cyber Resilience Governance Council (FCRGC).
The council aims to enhance industry-wide collaboration in fortifying cybersecurity defenses and ensuring a secure digital financial ecosystem.
Unveiled on Feb. 11, 2025, at the BSP head office in Manila, the FCRGC will lead efforts to promote strong cybersecurity governance, industry-wide coordination, and enhanced threat response. The initiative comes as cyber threats continue to escalate alongside the rapid digitalization of financial services.
“This Council represents our collective resolve to strengthen our cyber defenses,” said BSP Gov. Eli M. Remolona, Jr., underscoring the need for proactive cybersecurity measures to safeguard the financial sector’s stability and trust.
Monetary Board Member Jose Querubin will serve as the Council’s advisor. BSP Deputy Gov. Chuchi 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’s primary mandate is to oversee the 2024-2029 Financial Services Cyber Resilience Plan, which the BSP launched on Aug. 6, 2024. This five-year framework outlines key strategies and high-level goals for strengthening cyber resilience across financial institutions.
Fonacier emphasized the council’s responsibility to ensure the financial system remains secure and resilient. “The role of the Council is clear: it is to lead the way by overseeing industry initiatives to ensure we remain prepared for any threats that may arise.”
BAP president Jose Teodoro 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 of the Philippines, BancNet and Philippine Clearing House Corp. 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 on the council.
The council will meet quarterly to discuss the success metrics of the FSCRP, review relevant cyber threat reports, and recommend policy enhancements. / KOC