The Bangko Sentral ng Pilipinas (BSP) has tightened its cyber security efforts and intensified surveillance while reinforcing collaboration and information sharing with key stakeholders to fend off a repeat of the recent attack on the financial system.
“We are working on enhancements to existing regulations on fraud risk management and consumer protection to better safeguard consumers against cyber risks,” BSP Governor
Benjamin Diokno said during the 73rd Inaugural Meeting of Management Association of the Philippines (MAP) on Thursday.
“We included sustainability as a strategic thrust by launching the Sustainable Central Banking Program where BSP enables, mobilizes and promotes the sustainability agenda,” he added.
As enabler, the BSP has issued regulations on the Sustainable Finance Framework that banks must adhere to.
In a nutshell, the framework emphasized BSP policies while setting out the duties and responsibilities of the board of directors in changing the strategic thrust and embedding risk consciousness within a financial organization.
“I hope that the MAP continues to champion sustainability as a strategic goal and for it to serve as upstanding corporate citizens as we chart our way out of this crisis,” Diokno noted.
Sustainability goals must be met
Also highlighted was management’s pivotal role in ensuring sustainability principles among business organizations.
Moreover, the BSP and other financial sector supervisors will continue to harmonize regulations and align expectations in the promotion of sustainable finance. This program is consistent with the Sustainable Finance Roadmap of the Green Force.
“The Green Force is an interagency government body tasked to promote sustainable finance that the BSP co-chairs with the Department of Finance,” Diokno said.
“Walking the talk, the BSP has invested $550 million in the Bank for International Settlements Green Bond Fund since 2019. We have implemented green initiatives that aim to influence the behavior of employees and highlight the importance of individual actions in achieving our goals,” he added.