The Central Bank of the Philippines has launched the Financial Cyber Resilience Governance Council (FCRGC) as a financial-sector collaboration forum aimed at strengthening cybersecurity governance and cyber resilience. The council is intended to drive industry coordination and support the integrity and security of the Philippines’ financial system amid growing digital threats. The FCRGC will implement the 2024–2029 Financial Services Cyber Resilience Plan, which sets high-level goals and strategies for sector cyber resilience. BSP Deputy Governor Chuchi G. Fonacier will chair the council, with Sandeep Uppal of the Bankers Association of the Philippines (BAP) Cyber Committee as vice chairperson, and Monetary Board Member Jose L. Querubin serving as advisor. Membership spans banking and payments industry bodies and financial infrastructure operators, alongside BSP supervision and technology functions. The council will meet quarterly to assess plan metrics, review cyber threat reports, and recommend policy enhancements.
Central Bank of the Philippines 2025-02-19
Central Bank of the Philippines launches Financial Cyber Resilience Governance Council to implement sector-wide cyber resilience plan
The Central Bank of the Philippines has established the Financial Cyber Resilience Governance Council (FCRGC) to enhance cybersecurity governance in the financial sector. The FCRGC will implement the 2024–2029 Financial Services Cyber Resilience Plan, led by BSP Deputy Governor Chuchi G. Fonacier and Sandeep Uppal of the Bankers Association of the Philippines. The council, comprising industry and regulatory members, will meet quarterly to evaluate plan metrics and recommend policy improvements.