By Mai Gacilo Sangalang · First published on BusinessMirror July 2, 2025
I was invited to the Association of Philippine Correspondent Bank Officers (APCB) Annual Convention last week in Bohol to talk about financial inclusion, a topic that’s close to my heart. In my talk, I highlighted the exponential progress the Philippines has seen in recent years particularly in account ownership and digital adoption, as well as the importance of continuing collaborative approach between stakeholders to accelerate a more inclusive and sustainable financial growth and development for the country.
Significant to mention that as of 2023, according to the Bangko Sentral ng Pilipinas (BSP), 52.8 percent of Filipinos have electronic-money accounts, exceeding the 50-percent target the BSP set in its digital payments transformation roadmap. The widespread adoption of digitalization, hastened by the global pandemic, forced us to perform contactless transactions online and aided by enabling regulations has led to greater financial inclusion.
As digitalization expands, so must efforts to protect consumers from financial crimes and the increasing sophistication of cyber threats. The Cybercrime Investigation and Coordinating Center (CICC) reported a sharp increase in cybercrime complaints in 2024, with over 10,000 cases filed compared to just over 3,000 in 2023. While some attribute the rise to improved reporting mechanisms rather than actual increase in incidents, the need for building public awareness and education remains critical in addressing the issue.
The BSP spearheads initiatives to ensure that the public can enjoy the benefits of digitalization while managing risks. In collaboration with various industry associations like BMAP to amplify efforts, the BSP promotes cyber hygiene to safeguard people’s cybersecurity.
‘Cyber hygiene’
CYBER-HYGIENE is digital self-care to protect our personal information and accounts when we transact online. Recognizing that people need to trust the digital ecosystem for them to embrace digitalization, the BSP has integrated cybersecurity messaging into its digitalization initiatives.
For example, the ongoing “Check-Protect-Report,” or CPR, campaign—which emphasizes vigilance, diligence, and participation—promotes essential cyber-hygiene practices and consumer protection.
The CPR campaign sends a strong reminder to the banking public to always:
Check. Be cautious of random or unsolicited text or e-mail messages, especially those from unknown senders that demand urgent action.
Protect. Safeguard personal data. Legitimate banks and financial institutions will only request sensitive information if contacted by the client.
Report. Promptly notify your bank or financial service provider of any suspicious or unauthorized transactions.
Weekly CPR materials include educational content to help consumers spot red flags in text messages or e-mails, enhance security by maintaining strong passwords and set up alerts and notifications. The materials also emphasize the importance of immediate reporting of suspicious transactions. The initiative underscores that cybersecurity is a shared responsibility among financial regulators, industry participants and consumers.
From bank clients and credit cardholders to e-wallet users and online shoppers, everyone can benefit from applying CPR in our daily financial behaviour.
Mai G. Sangalang is the immediate past president of the Bank Marketing Association of the Philippines (BMAP) and currently its director for Industry Relations, Banking Code and Financial Inclusion. Sangalang is also the head of Corporate Affairs, Brand and Marketing of Standard Chartered Bank Philippines. She can be reached by e-mailing maigsangalang@yahoo.com. The writer’s views do not necessarily reflect those of the BusinessMirror and the BMAP.