Philippines' Central Bank Forges Strategic Alliances to Combat Financial Fraud
The Bangko Sentral ng Pilipinas (BSP) has taken a significant step in the fight against financial crime by formalizing separate information sharing agreements (ISAs) with three key government agencies. These strategic partnerships with the National Bureau of Investigation (NBI), the Cybercrime Investigation and Coordinating Center (CICC), and the Securities and Exchange Commission (SEC) establish a legal framework for sharing confidential financial account information to support investigations into scams and related offenses.
Formal Signing Ceremony at BSP Headquarters
Representing BSP Governor Eli M. Remolona, Jr., BSP General Counsel Roberto L. Figueroa signed the landmark agreements at the BSP Head Office in Manila on February 20, 2026. The signing ceremony was attended by NBI Acting Director Angelito DLP. Magno, CICC Executive Director Renato A. Paraiso, and SEC Chairperson Francisco ED. Lim, demonstrating a unified front against financial fraud.
In his welcome address, General Counsel Figueroa emphasized that the real work begins after the ceremonial signing. "Its success will not be measured by the document itself, but by its execution–by investigations strengthened, cases resolved, risks mitigated, and harm prevented," he stated, highlighting the practical implementation of these agreements.
Commitment to Lawful Implementation and Public Protection
Deputy Governor and AFASA Technical Working Group Adviser Elmore O. Capule reinforced this commitment, declaring, "The BSP remains firmly committed to working with the CICC, NBI, and SEC to ensure that AFASA is implemented with discipline, integrity, and fidelity to the law. Through sustained coordination and mutual trust, we will reinforce the resilience of our financial system and better protect the Filipino public from those who seek to exploit it."
The information sharing agreements establish clear procedures for obtaining information from the BSP's Consumer Account Protection Office regarding financial accounts linked to scams. These procedures are designed to comply with the Anti-Financial Account Scamming Act (AFASA) and its implementing rules under BSP Circular 1214, ensuring all actions remain within legal boundaries.
Enhanced Investigative Capabilities with Strict Safeguards
These agreements will significantly enhance the investigative capabilities of partner agencies. The NBI and CICC will be better equipped to build cases involving AFASA violations, while the SEC will gain access to information relevant to its regulatory mandate, including the adjudication of financial consumer complaints. Importantly, all information sharing will be conducted with strict safeguards to protect bank secrecy and data privacy, balancing investigative needs with consumer protection.
The ISAs represent a major advancement in inter-agency coordination against financial account scams. They will enhance investigative capabilities against cyber-enabled fraud and reinforce the government's collective efforts to protect the public from financial crime. This collaborative approach strengthens the Philippines' financial system resilience and demonstrates a proactive stance against evolving threats in the digital economy.
