THE Bangko Sentral ng Pilipinas (BSP) assures the public that the Philippine banking system remains safe and sound. As part of the standard preparations ahead of the long holiday break in Metro Manila for the 49th ASEAN Summit and Related Summits, the BSP has reminded banks and other BSP-supervised financial institutions (BSFIs) to maintain strong operational and cybersecurity preparedness.
Maintaining heightened vigilance is a routine measure during extended holidays to ensure uninterrupted financial services for the public.
The BSP also closely monitors global financial and technological developments and remains vigilant against potential threats to the Philippine financial system.
The BSP has directed banks and other supervised financial institutions to continually strengthen and update their cybersecurity defenses, risk management systems, and contingency plans, particularly in light of the latest technological advances, including frontier AI.
The BSP urges the public to rely only on official sources for updates on the Philippine financial system and to exercise caution when encountering unverified information on social media.
The public is likewise advised to be vigilant against calls and text messages that request information or prompt actions such as clicking links, as these may be entry points for cyberattacks.
The BSP remains committed to its mandate to ensure financial stability in the country.
metrosundaily
