The Bangko Sentral ng Pilipinas has enhanced its regulations, cyber surveillance, collaboration with law enforcers, and communication campaign to boost the financial system’s resilience amid a rise in digital accounts in the Philippines.
“As more Filipinos take advantage of online payment, remittance and other technology-enabled financial services—we need to ensure that potential risks are well-managed. Thus, we will continue to find innovative strategies to sustain the resilience of the financial services industry as we transition towards the New Economy,’’ said BSP Governor Benjamin Diokno said in an online press briefing on Thursday.
BSP data showed that from March 17 to April 30 this year, around 4.115 million digital accounts were opened among banks and non-bank electronic money issuers. From January to April 2020, industry sources indicated new web sign-ups and app downloads increased by 100 percent year-on-year.