The Philippine central bank, Bangko Sentral ng Pilipinas (BSP), has proposed new regulations aimed at bolstering the operational resilience of financial institutions in the face of disruptive events, including natural disasters and cyberattacks. The measures, laid out in a draft circular, would require all BSP-supervised financial institutions (BSFIs) to prepare an operational resilience framework. This would involve identifying critical operations, setting disruption tolerances, and preparing for a range of plausible disruptive scenarios. In the event of disruption, financial institutions should have the capacity to continue delivering critical services. BSFIs would be required to disclose their approach to operational resilience in annual reports and notify the BSP within 24 hours if their incident response plan is activated. Feedback on the draft circular is open until July 26.
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