Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. has called on financial regulators across Southeast Asia and beyond to adopt a more proactive, forward-looking, and collaborative approach to supervision, warning that interconnected and shifting threats demand unified action.
“Risks do not exist in isolation. They interact and reinforce one another. This is why supervision must become more proactive, more forward-looking, and more collaborative,” Remolona said during the South East Asian Central Banks (SEACEN) Centre’s High-Level Conference and Meeting of Deputy Governors for Financial Stability and Supervision, held in Taguig City.
The BSP-hosted conference carried the theme “Central Bankers on Center Stage: Safeguarding Financial Stability in an Era of New and Re-Emerging Risks.” It brought together deputy governors for financial stability and supervision, senior regulators, and delegates from Southeast Asia, Hong Kong SAR, India, Mongolia, Nepal, Papua New Guinea, the People’s Republic of China, the Republic of Korea, Sri Lanka, Taiwan, and various international organizations.
Governor Remolona flagged three critical areas requiring heightened vigilance: ongoing geopolitical conflicts, digital transformation paired with rising cybersecurity threats, and climate-related financial risks. To address these, the BSP itself has stepped up its use of data analytics, including artificial intelligence and supervisory technology (SupTech), and has formally integrated climate risk impacts into its supervisory assessments.
Participants discussed pressing challenges facing the global and regional financial system, exchanged views on strengthening supervisory and crisis management frameworks, boosting financial system resilience, and deepening cross-border cooperation. The conference was followed by the SEACEN Centre’s 17th Annual Meeting of Deputy Governors for Financial Stability and Supervision, which focused on capacity building and research covering financial stability, supervision, climate risk resilience, sustainable finance, and payments systems.
