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Manila Bulletin devider Philippines devider National devider Bankers confident of Marcos digital push despite cybersecurity concerns

Bankers confident of Marcos digital push despite cybersecurity concerns

Published Jun 15, 2025 05:59 pm

At A Glance

  • BAP says the industry's future initiatives come at a critical point for the Marcos administration, with public policy likely to have a significant impact on Philippine banks.
The country’s bankers have emphasized the need for stronger collaboration between the government and the banking sector to strengthen cybersecurity, as they expressed optimism that President Marcos’ digital push is in the right hands.
President Ferdinand 'Bongbong' Marcos Jr. (MB File Photo/Mark Balmores)
President Ferdinand 'Bongbong' Marcos Jr. (MB File Photo/Mark Balmores)
The Bankers Association of the Philippines (BAP) on Sunday, June 15, cited Department of Information and Communications Technology (DICT) Secretary Henry Aguda’s credentials to lead the Information and Communications department.
“Sec. Aguda’s credentials have earned hefty praise from President Bongbong Marcos, with the President expressing confidence in his ability to steer the country towards technological innovation,” the BAP said in a statement.
The BAP quoted the President's Facebook post expressing confidence in Aguda’s capability to steer the country’s digital transformation.
“Sa pamununo ni Secretary Aguda, tiwala akong mas mapabibilis ang digital transformation ng bansa. Hangad nating makinabang ang bawat Pilipino sa mga oportunidad ng makabagong teknolohiya (With Secretary Aguda’s leadership, I am confident that we can hasten our digital transformation. We want Filipinos to benefit from the new technology),” he said in March.
The BAP’s statement came as they expressed their deep concern about cybersecurity issues.
“The [banking] industry’s future initiatives come at a critical point for the Marcos administration, with public policy likely to have a significant impact on Philippine banks,” it said.
The group enumerated the following undertakings for which it needs closer collaboration with the DICT, Bangko Sentral ng Pilipinas, and the National Privacy Commission:
“Joint public advisories; creation of national scam database to make it easier to hold cybercriminals accountable; launch of consumer education campaigns; real-time coordination protocols between the private sector and government agencies; and standardization of scam typologies,” it said.
According to the BAP, Aguda, who was appointed in March 2025 to replace Ivan Uy, comes with an “extensive understanding” of the Philippine banking industry as former President and Chief Executive Officer of Union Digital Bank. He was also part of the boards of various companies like the City Savings Bank, UBX Philippines, Insular Health Care, and Bank Net.
Aguda’s appointment was not fully discussed for confirmation during the Commission on Appointment (CA) hearing early last week, reportedly for lack of time. It was reportedly bypassed when the CA of the 19th Congress adjourned its sessions.

Related Tags

President Marcos Bongbong Marcos Henry Aguda cybersecurity digital push Bankers Association of the Philippines
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