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Manila Bulletin devider Business devider Banking & Finance devider Remolona tells banks: Good governance matters most during crises

Remolona tells banks: Good governance matters most during crises

Published May 26, 2026 12:07 pm

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. has urged banks to continue strengthening governance, transparency, and internal controls, saying these safeguards become most critical during periods of economic and financial uncertainty.

Speaking during the inaugural Corporate Governance (CG) Summit for directors of universal, commercial, and digital banks last Monday, May 25, Remolona described Philippine banks as having high capital buffers and liquidity amid growing global and domestic risks.

“In good governance, you have made sure that board oversight, internal controls, and transparency in accounting all work to support the regulatory framework. It is in times like this that we begin to appreciate such good governance,” Remolona said.

“Our regulations on capital, liquidity, and transparency are there not just to protect you as individual banks. Indeed, they are really about maintaining the stability of the whole financial system,” Remolona added.

Held at the BSP head office in Manila, the summit aimed to strengthen governance standards across the banking sector and promote forward-looking oversight amid rapid changes in the financial landscape.

With the theme “Navigating the Future: Governance in Action,” the event featured discussions on evolving global governance practices, leadership and corporate culture, digital and cybersecurity governance, fraud prevention, accountability, and institutional resilience.

The BSP said the discussions highlighted emerging trends in board oversight, risk governance, digital trust, information technology (IT) governance, and cybersecurity management.

Remolona’s remarks come as financial markets continue to grapple with heightened volatility driven by global geopolitical tensions, elevated inflation risks, rising oil prices, and tighter financial conditions.

Earlier, the interagency Financial Stability Coordination Council (FSCC), chaired by Remolona, flagged risks to the Philippine financial system stemming from the prolonged Middle East conflict, rising household debt, and corporate vulnerabilities in energy- and interest rate-sensitive sectors.

Despite these risks, the BSP has repeatedly said Philippine banks remain well-capitalized and liquid, supported by prudent regulation and sustained reforms in risk management and governance standards.

The central bank has also been pushing banks to strengthen digitalization, cybersecurity defenses, and operational resilience as financial services become increasingly technology-driven.

The summit gathered Monetary Board (MB) members, senior BSP officials, directors of universal, commercial, and digital banks, as well as international and local governance experts.

Among the foreign speakers were Bank for International Settlements’ (BIS) Financial Stability Institute (FSI) Chairman Fernando Restoy, Monetary Authority of Singapore (MAS) Executive Director and Chief Cyber Security Officer Tan Yeow Seng, Citibank N.A. Singapore Cyber Technology Global Head Rakesh Dharmala, and Citibank N.A. Philippines Senior Vice President and Country Cyber Lead Rodel A. Quesada.

The event also featured panel discussions involving some of the country’s top business and banking executives.

BDO Unibank Inc. Chairperson and SM Investments Corp. (SMIC) Vice Chairperson Teresita Sy-Coson, Bank of the Philippine Islands (BPI) Vice Chairman and Ayala Corp. President and Chief Executive Officer (CEO) Cezar P. Consing, and San Miguel Corp. (SMC) Chairman and CEO Ramon S. Ang joined discussions on governance, leadership, and long-term value creation.

Meanwhile, Union Bank of the Philippines (UnionBank) President and CEO Ana Maria A. Delgado, Rizal Commercial Banking Corp. (RCBC) President and CEO Reginaldo Anthony B. Cariaso, and HSBC Philippines President and CEO Sandeep Uppal shared insights on governance, institutional integrity, and financial resilience.

The BSP said it intends to make the CG Summit a continuing platform for dialogue, best-practice sharing, and collaboration between regulators and the banking industry.

Related Tags

Bangko Sentral ng Pilipinas (BSP) Ramon S. Ang Teresita Sy-Coson Ana Aboitiz Delgado Eli M. Remolona Jr. Reginaldo Cariaso Sandeep Uppal Monetary Board (MB) Financial Stability Coordination Council (FSCC) BDO Unibank Inc. Bank of the Philippine Islands (BPI) HSBC Philippines Rizal Commercial Banking Corp. (RCBC) Union Bank of the Philippines (UnionBank) Bank for International Settlements (BIS) Monetary Authority of Singapore (MAS) Citibank San Miguel Corp. (SMC) Ayala Corp.
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