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Manila Bulletin devider Business devider Banking & Finance devider BSP assures domestic financial system intact amid global Microsoft outage

BSP assures domestic financial system intact amid global Microsoft outage

Published Jul 19, 2024 12:47 pm

The Bangko Sentral ng Pilipinas (BSP) has assured Filipinos that the Philippine financial sector is largely unaffected by the global Microsoft system outage that hit major industries such as banks, airlines and other IT-related businesses.

The BSP late Friday, July 19, said it is aware that the Microsoft and Crowdstrike outage had some impact on the IT operations of crucial industries but this is being resolved now.

“The financial system remains resilient, with alternative channels and digital platforms available for individuals and businesses,” said the BSP, but admitted that some BSP-supervised financial institutions (BSFIs) “have experienced disruptions but are addressing the issue, while some already restored affected systems.”

It added that the BSP has already required affected BSFIs which are banks and non-banks to “provide updates and activate their resilience and continuity plans as needed.”

Meanwhile, all settlements via the BSP-operated Peso Real Time Gross Settlement System or PhilPassPlus were unaffected such as PESONet, InstaPay, automated teller machines or ATM and checks. These transactions “were successfully completed today,” said the BSP.

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