Philippine banks are ramping up technology-related investments in a bid to improve operational efficiency and strengthen customer service, while stepping up collaboration with government agencies to enhance cybersecurity defenses.
The planned initiatives involve a “whole-of-ecosystem” approach, working closely with the Department of Information and Communications Technology (DICT), Bangko Sentral ng Pilipinas (BSP), and the National Privacy Commission (NPC).
The approach seeks to standardize anti-fraud systems and streamline coordination between public and private stakeholders.
Key measures under discussion include Issuing joint public advisories on cyber safety, creating a national database of scams and fraud incidents, launching large-scale consumer education campaigns, establishing real-time coordination protocols between banks and regulators, and standardizing scam typologies across industries.
The initiatives would also involve fintech companies, telcos, and e-commerce platforms, in line with the financial industry’s ongoing efforts to modernize cybersecurity infrastructure and replace legacy tools such as one-time passwords with more secure technologies.
The moves come amid a push for digital transformation under President Ferdinand Marcos Jr., who recently appointed former fintech executive Henry Aguda as Secretary of the DICT.
“Sa pamumuno ni Secretary Aguda, tiwala akong mas mapapabilis ang digital transformation ng bansa. Hangad nating makinabang ang bawat Pilipino sa mga oportunidad ng makabagong teknolohiya,” Marcos said on social media.
Industry officials said increased public-private coordination is critical to addressing the evolving nature of cyber threats and ensuring the stability of the financial system.
