BSP, regional peers boost AI cooperation

The Bangko Sentral ng Pilipinas (BSP) and its regional counterparts have agreed to strengthen cooperation on financial stability, consumer protection and the responsible use of artificial intelligence (AI).

BSP Governor Eli M. Remolona Jr. and other central bank governors reached the agreement during the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) on 23 July 2026 in Singapore.

Among the initiatives approved was the creation of a task force to facilitate information-sharing among central banks to improve scam prevention and detection.

The group will also focus on helping financial institutions harness AI while managing risks associated with the technology.

The meeting endorsed a training program on central bank policy and operations for junior central bankers.

Remolona emphasized the importance of regional cooperation as financial systems and economies face challenges in the region and globally.

At a separate EMEAP meeting on 24 July, Remolona and his counterparts shared practices and insights on the responsible adoption and use of AI by financial institutions.

Participants highlighted the role of responsible AI use in protecting financial consumers, managing risks and allowing financial institutions to benefit from the technology.

The central bank governors and financial regulators also discussed the macro-financial implications of supply disruptions in the region.

EMEAP is a cooperative forum composed of 11 central banks and monetary authorities in East Asia and the Pacific. It provides a platform for members to exchange views on economic and financial developments and strengthen cooperation on monetary and financial stability.