PH central bank unveil council for strengthening cyber resilience

The council will implement the BSP’s Financial Services Cyber Resilience Plan.

The Bangko Sentral ng Pilipinas (BSP) has launched the Financial Cyber Resilience Governance Council (FCRGC) with the aim of boosting collaboration within the financial sector to strengthen cyber resilience.

Launched on 11 February 2025, the FCRGC aims to promote strong cybersecurity practices, governance, and collaboration, the BSP said in a statement posted on its website.

The council is tasked with implementing the 2024-2029 Financial Services Cyber Resilience Plan (FSRCP), which BSP launched in August 2024. This plan reportedly outlines high-level goals and strategies to maintain the integrity and security of the Philippine financial system.

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.

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 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.

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Bangko Sentral ng Pilipinas

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