The Bangko Sentral ng Pilipinas (BSP) has taken a significant step towards fortifying the cyber resilience of the financial sector by establishing the Financial Cyber Resilience Governance Council (FCRGC) on February 11, 2025. The launch event, held at the BSP’s head office in Manila, was attended by key figures including BSP Governor Eli Remolona Jr., Deputy Governor Chuchi Fonacier, and representatives from various financial institutions and associations.
Governor Remolona emphasized the council’s role in strengthening cyber defenses across the sector, stating, “This Council represents our collective resolve to strengthen our cyber defenses.” The FCRGC aims to foster a secure and resilient financial system through enhanced cybersecurity practices, governance, and collaboration among stakeholders.
The council will be advised by Monetary Board Member Jose Querubin, with Fonacier serving as chairperson and Sandeep Uppal, head of the Bankers Association of the Philippines (BAP) Cyber Committee, as vice chairperson. Membership includes representatives from major financial bodies such as the Chamber of Thrift Banks, Rural Bankers Association of the Philippines, and others.
The FCRGC is tasked with implementing the 2024-2029 Financial Services Cyber Resilience Plan (FSCRP), launched by the BSP on August 6, 2024. This plan sets out strategic goals to safeguard the integrity and security of the financial system. The council will convene quarterly to assess the progress of the FSCRP, analyze cyber threat reports, and propose policy improvements.
Deputy Governor Fonacier highlighted the council’s leadership role, saying, “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 Limcaoco also praised the council as a symbol of unity and commitment to protecting the financial system.