BSP Forms Council to Boost Financial System's Cyber Resilience

In the photo (from left, bottom row) are BSP Deputy Governor Chuchi G. Fonacier, BSP Governor Eli M. Remolona, Jr.; Atty. Rebecca S. Ofalsa, representing Monetary Board Member Jose L. Querubin; and Mr. Sandeep Uppal. With them (from left, top row) are members of the FCRGC, namely, Mr. Miguel Geronilla, Ms. Emmie Reyes, Mr. Marlon Umali, Senior Director Melchor T. Plabasan, Assistant Governor Lyn I. Javier, Mr. Jose Teodoro K. Limcaoco, Senior Director John Regala, Mr. Emmanuel Barcena, Mr. Ronaldo M. Recto, and Mr. Kenneth Baylor

The Bangko Sentral ng Pilipinas (BSP) has launched the Financial Cyber Resilience Governance Council (FCRGC) to boost collaboration across the financial sector to strengthen cyber resilience.

Launched on 11 February 2025 at the BSP head office in Manila, the FCRGC aims to foster a safe, secure, and resilient financial system by promoting strong cybersecurity practices, governance, and collaboration.

BSP Governor Eli M. Remolona, Jr. emphasized the importance of strengthening cyber defenses in response to growing 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 and Sandeep Uppal, Head of the Bankers Association of the Philippines (BAP) Cyber Committee, will serve as chairperson and vice chairperson, respectively.

The Council will implement the 2024-2029 Financial Services Cyber Resilience Plan (FSRCP), which BSP launched on 6 August 2024. This plan outlines high-level goals and strategies to maintain the integrity and security of the country’s financial system.

Deputy Governor Fonacier said, “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.”

BAP President Jose Teodoro K. 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, BancNet, and Philippine Clearing House Corporation. 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 in the council.

The Council will meet quarterly to discuss the success metrics of the FSCRP, review relevant cyber threat reports, and recommend policy enhancements.