Banks across the Philippines are set to ramp up technology-related investments, particularly in cybersecurity infrastructure and systems, in a bid to improve operational efficiency and protect consumers.

Investments in technology would enhance domestic banks’ operational efficiencies and the quality of their services to consumers, industry group Bankers Association of the Philippines (BAP) said in a statement released on Tuesday, June 10.

Among the major projects in the pipeline is the “creation of a national scam or fraud database to make it easier to hold cybercriminals accountable.”

Such initiative will be implemented collaboratively with agencies such as the Department of Information and Communications Technology (DICT), the Bangko Sentral ng Pilipinas (BSP), and the National Privacy Commission (NPC).

Other initiatives in the pipeline include joint public advisories about cyber safety; real-time coordination protocols between the private sector and government agencies; standardization of scam typologies; and launch of consumer education campaigns.

This “whole-of-ecosystem” approach on cybersecurity would include other private-sector entities such as fintech firms, e-commerce companies, and telcos.

BAP said this would strengthen the banking industry’s current efforts, which include increasing investments in cybersecurity systems, running public awareness campaigns, and adopting new security measures to replace traditional methods, such one-time passwords (OTPs).

It said that the banking industry’s future projects “come at a critical juncture for the Marcos administration, with public policy likely to have a significant impact on Philippine banks.”

Two months ago, President Ferdinand Marcos Jr. appointed Henry Rhoel Aguda as the DICT secretary.

President Marcos praised Aguda’s qualifications and expressed confidence in his leadership to drive the country’s push for technological innovation.