Banks across the Philippines are significantly increasing their technology investments, with a strong focus on cybersecurity infrastructure and operational efficiency. This wave of modernization comes as financial institutions respond to escalating digital threats and align with government efforts to establish a more secure and consumer-friendly financial environment.
Key players in the sector are collaborating with government agencies including the Department of Information and Communications Technology (DICT), Bangko Sentral ng Pilipinas (BSP), and the National Privacy Commission (NPC). The joint initiative aims to implement a “whole-of-ecosystem” approach to cybersecurity. Key components include unified public advisories, a centralized scam and fraud database, consumer education drives, and real-time coordination between public and private entities.
The approach will also include fintech firms, e-commerce platforms, and telecom providers to ensure consistent and standardized defenses across sectors. Among the proposed measures is the overhaul of outdated systems, such as phasing out One-Time Passwords in favor of more robust cybersecurity tools.
The initiative arrives at a pivotal moment in the Marcos administration. President Ferdinand “Bongbong” Marcos Jr. recently appointed Henry Aguda as Secretary of the DICT, reinforcing the government’s prioritization of digital transformation. The President expressed confidence in Aguda’s ability to accelerate technological progress: “Sa pamumuno ni Secretary Aguda, tiwala akong mas mapapabilis ang digital transformation ng bansa,” Marcos said via social media.
