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Keisha Ta-Asan - The Philippine Star
February 21, 2025 | 12:00am
The Financial Cyber Resilience Governance Council (FCRGC) was formally introduced on Feb. 11 at the BSP head office in Manila to enhance cybersecurity collaboration across the financial sector.
Photo from BusinessWorld
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has launched a cyber resilience body to reinforce the country’s defenses against growing digital threats.
The Financial Cyber Resilience Governance Council (FCRGC) was formally introduced on Feb. 11 at the BSP head office in Manila to enhance cybersecurity collaboration across the financial sector.
The body will oversee the implementation of the 2024-2029 Financial Services Cyber Resilience Plan (FSCRP), which outlines key strategies to safeguard the financial system’s integrity.
BSP Governor Eli Remolona Jr. said it is important to strengthen the financial system’s cyber defenses in light of evolving cyber risks.
“This council represents our collective resolve to strengthen our cyber defenses,” Remolona said.
Monetary Board Member Jose Querubin will serve as the council’s advisor, while BSP Deputy Governor Chuchi Fonacier and HSBC Philippines CEO Sandeep Uppal, head of the Bankers Association of the Philippines (BAP) cyber committee, will lead as chairperson and vice chairperson, respectively.
“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,” Fonacier said.
BAP president Jose Teodoro Limcaoco said collective action is crucial in strengthening cyber resilience.
“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,” Limcaoco said.
The council’s membership includes representatives from key financial organizations such as the Chamber of Thrift Banks, Rural Bankers Association of the Philippines, Philippine E-Money Association, BancNet and the Philippine Clearing House Corp.
Several BSP officials, including heads of the central bank’s Policy and Specialized Supervision Sub-Sector, Technology and Digital Innovation Office as well as Technology Risk and Innovation Supervision Department, will also serve as members.
The body will meet quarterly to assess FSCRP’s progress, review cyber threat reports and recommend policy adjustments to further strengthen the financial system’s cybersecurity framework.
