Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. and his counterparts from the East Asia and Pacific region have pledged to deepen cooperation on shared challenges facing financial systems, advancing key initiatives to bolster consumer safeguards and guide responsible artificial intelligence (AI) adoption across the industry.
Meeting during the Executives’ Meeting of East Asia Pacific Central Banks (EMEAP) on July 23, 2026 in Singapore, the 11-member central bank forum approved new efforts to strengthen financial consumer protection and support the financial sector in navigating the opportunities and risks of AI. A core component of these initiatives is the establishment of a dedicated task force to facilitate cross-border information sharing, aimed at improving the detection and prevention of financial scams that increasingly transcend national boundaries. The group also agreed on frameworks designed to help financial institutions harness AI’s transformative potential while proactively managing associated operational, consumer, and systemic risks.
Alongside these efforts, the governors endorsed the launch of a specialized training program focused on central bank policy and operations, tailored to build capacity among junior central bank staff across the region. In his remarks to fellow governors, Remolona underscored the critical role of coordinated regional action amid persistent and evolving strains affecting financial systems and economies both within the region and globally.
Consensus on these priorities extended into the 15th Informal Meeting of EMEAP Governors and Heads of Supervisory Authorities held the following day, where participants exchanged best practices and insights on fostering responsible AI deployment among financial institutions. Members collectively recognized that well-governed AI practices are essential to protecting financial consumers, enabling institutions to balance robust risk management with strategic innovation. The two-day gathering also addressed the macro-financial consequences of regional supply chain disruptions, highlighting how interconnected economic shocks require unified monitoring and coordinated policy responses.
EMEAP serves as the primary cooperative platform for 11 central banks and monetary authorities across East Asia and the Pacific, fostering open dialogue on economic and financial trends, strengthening regional financial integration, and advancing collective work to uphold monetary and financial stability. The agreements reached signal a unified, forward-looking approach to regulation that balances innovation, consumer welfare, and systemic resilience—aligning closely with the BSP’s domestic priorities of safe digital finance, inclusive growth, and cross-border regulatory alignment.
