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Philippine banks commit to strengthen cybersecurity & financial literacy

BMAP gives voice to banking customers and gives unbanked people a venue for education and broader financial inclusion

In terms of cybersecurity, financial literacy, and inclusion, Philippine banks have committed to further strengthening their collaboration and relationship with the Bangko Sentral ng Pilipinas (BSP).

Bank Marketing Association of the Philippines (BMAP) president Mai Gacilo Sangalang said the organization committed to further strengthening their long-standing partnership in the areas of consumer education and protection, financial literacy and inclusion, cybersecurity and fraud campaigns, among other things, during a meeting with Bangko Sentral ng Pilipinas Governor Eli Remolona Jr.

The creation and revision of the Banking Code for Consumer Protection, Banking On Your Future, Project BSP Reach Out (Project BRO), Annual BSP FinEd Expo, cyber hygiene, and Check-Protect-Report (CPR) communication programs are just a few of the cooperative activities, according to Sangalang.

These programs, according to the official, “help in promoting savings consciousness, better money management, teaching the value of saving, as well as making banks more accessible and more affordable to more Filipinos.”

The sector has started educational initiatives to safeguard financial consumers against internet fraud and other shady practices.

These serve as a reminder to the public to be watchful with their banking transactions, to be cautious when exchanging information, to protect personal information, and to alert their banks to any suspicious activities, according to BMAP.

The BMAP recently introduced the Fifth Bank Marketing Awards (BMA), which aims to recognize outstanding bank marketing practices in keeping financial institutions responsive to the needs of the industry and the banking public. This initiative is a collaboration with the BSP and the Financial Sector Forum.

Remolona was joined at the meeting with BMAP by other BSP representatives, including managing director and chief of staff Pia Roman Tayag, deputy governor Chuchi Fonacier, and director Jay Edward Amatong.

BMAP, an organization of financial institutions founded in 1974, aims to advance industry cooperation, networking, education, and best practices in the field of bank marketing and communication.

The group also gives voice to banking customers and gives unbanked people a venue for education and broader financial inclusion.

The BSP intends to boost the proportion of Filipino adults with bank accounts to 70% by the end of this year and to move 50% of all retail transactions to electronic channels under its Digital Payments Transformation Roadmap.

When the COVID-19 pandemic was at its worst, more Filipinos embraced digitalization, and as a result, the percentage of digital payments in all retail transactions climbed from 30.3% in 2021 to 42.1% in 2022.

Similarly, the proportion of banked Filipino adults nearly increased to 56% in 2021 from 29% in 2019.

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