The Bangko Sentral ng Pilipinas (BSP) said it formed the Financial Cyber Resilience Governance Council (FCRGC) to boost collaboration across the financial sector to strengthen cyber resilience.
Launched on Feb. 11, 2025, the FCRGC aims to foster a safe, secure, and resilient financial system by promoting strong cybersecurity practices, governance and collaboration.
BSP Governor Eli Remolona Jr. cited 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 Querubin will serve as the council’s advisor. BSP Deputy Governor 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 will implement the 2024-2029 Financial Services Cyber Resilience Plan (FSRCP), which BSP launched on Aug. 6, 2024. The plan outlines high-level goals and strategies to maintain the integrity and security of the country’s financial system.
“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,” said Fonacier.
BAP president Jose Teodoro Limcaoco said 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.
