The Bangko Sentral ng Pilipinas has rolled out technical assistance to help qualified rural banks replace legacy IT systems with cloud-based core banking platforms.
BSP Governor Eli Remolona Jr., through Memorandum No. M-2026-042 issued on Aug. 12, set guidelines for digitalization support under the Rural Bank Strengthening Program.
The assistance will cover the implementation and multi-year subscription to Software-as-a-Service (SaaS) core banking systems, lowering the technology hurdle for smaller lenders seeking to modernize their operations.
The initiative forms part of a broader technical assistance program approved by the Monetary Board in January 2024 covering digitalization, financial advisory and capacity building for qualified rural banks.
The BSP said the support is aimed at improving operational efficiency and resilience, business continuity, cybersecurity and regulatory compliance.
