Strengthening Trust and Security: Why Cyber Resilience Must Be a Priority for the Philippine Financial System

The Philippine financial system is at a critical juncture. As digital transactions surge and innovations reshape the way Filipinos access financial services, the need for stronger cyber resilience has never been more urgent. At the Manila Tech Summit 2025, both government and industry leaders emphasized that the future of finance in the Philippines depends on one vital foundation: trust.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. underscored that inclusivity, innovation, and security go hand in hand. With millions of Filipinos now relying on QR-based payments and online banking, digital adoption is fueling economic participation and growth. But Governor Remolona also warned that without robust security, this trust cannot be sustained. “We like secure systems that can withstand shocks and attacks. This is how we connect inclusion, security, and innovation,” he said.

The country’s digital economy is proving to be a major growth driver. President Ferdinand Marcos Jr. reported that it reached ₱2.25 trillion in value last year, creating 11.3 million jobs. Over half of all payment transactions in 2024 were conducted digitally, a leap forward from the early pandemic years. Yet, with growth comes risk. The President cautioned that fraud schemes are becoming more sophisticated, powered by the same artificial intelligence tools that are also unlocking opportunities in commerce and innovation.

These risks are not theoretical they are real, immediate, and growing. Financial technology companies, digital banks, and regulators are working to ensure that trust is not eroded by scams, cyberattacks, or privacy breaches. As Fintech Alliance.PH Chairman Lito Villanueva emphasized, the sector must lead in “turning risks into resilience” and ensuring that technology works for growth, for trust, and for all.

For businesses and financial institutions, this means building cyber defenses that can adapt as fast as threats evolve. It’s no longer enough to have traditional firewalls or antivirus software today’s attackers exploit vulnerabilities in real time, often leveraging AI themselves. Cyber resilience now requires proactive monitoring, vulnerability assessments, and adaptive security strategies.

This is where specialized cybersecurity partners play an important role. Directpath Global Technologies (DGT), as a Managed Security Service Provider (MSSP), supports organizations in strengthening their defenses through services such as Extended Detection and Response (XDR), Mobile Threat Defense (MTD), Vulnerability and Penetration Testing (VAPT), and SOC2 compliance. Beyond security, DGT’s advanced Artificial Intelligence Division helps tailor solutions to specific organizational needs, ensuring that innovation and resilience go hand in hand.

Future-proofing the Philippine financial system is not just about embracing digital it’s about ensuring that every innovation is built on a foundation of trust and protection. The stakes are high, but with the right balance of inclusion, security, and innovation, the Philippines can lead in creating a digital economy that is not only bigger, but also safer and more resilient. Source: Business World