The Bankers Association of the Philippines launched its online campaign Be Aware, Be Cybersafe to help raise public awareness on cybersecurity amid growing concerns of cyber attackers shifting their focus to the Asia-Pacific region. Previously, the Bangko Sentral ng Pilipinas enjoined BSP-supervised financial institutions (BSFIs) to participate in the BAP Cybersecurity Incident Database (BAPCID) to strengthen the banking industry’s resilience to cyber attacks. Apart from involving financial institutions in strengthening cyber resilience, the BAP said that engaging the banking public is important in building a more holistic approach to cybersecurity. “The world is ...
Read moreMANILA, Philippines — The entry of foreign investors in Philippine banks may usher the inflow of more foreign direct investments (FDIs) and employment opportunities in the country, according to Bangko Sentral ng Pilipinas. BSP Governor Benjamin Diokno said the entry of foreign investors in local banks, particularly rural banks, would also contribute to the promotion of healthy competition in the banking industry. Diokno said the infusion of foreign funds would result in greater market penetration and more efficient delivery of financial products and services. Foreign investors, particularly Chinese nationals, are looking at opportunities in the ...
Read moreThe Bankers Association of the Philippines (BAP) is confident that Metropolitan Bank and Trust Company (Metrobank) will quickly resolve the recently reported theft committed by a senior official. This appears to be an isolated incident and we are confident the facts will arise from the ongoing investigations being carried out by both Metrobank and the Bangko Sentral ng Pilipinas (BSP). Such incident is quite unfortunate but we wish to reiterate that banks have established internal controls and systems and instituted separation of functions designed to help prevent crimes of this nature from happening. Suffice it ...
Read moreMembers of the Bankers Association of the Philippines (BAP) are ready to serve customers in earthquake-affected areas in the Visayas, the BAP said over the weekend. “In consideration of the magnitude 6.5 earthquake that hit Leyte and the rest of Eastern and Central Visayas on July 6, the public is advised that BAP member banks with branches in the provinces of Leyte, Cebu, Bohol and other nearby provinces shall continue to service the banking public while we endeavor to deliver normal banking operations, particularly in the areas that were most affected,” the BAP said. BAP ...
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