BSP, banks vow to protect interest of banking public

MANILA, Philippines — The local banking community and the Bangko Sentral ng Pilipinas (BSP) have committed to promote the welfare of the industry and have vowed to protect the interest of the banking public amid the crisis facing US and European banks.

During the recent oath taking and courtesy call of its officers and directors, the Bank Marketing Association of the Philippines (BMAP), led by president Mai Gacilo Sangalang of Standard Chartered Bank, discussed areas of collaboration with BSP Governor Felipe Medalla to further strengthen their long-standing partnership.

BMAP, composed of 46 member banks and associate members, shared its plans and ongoing programs.

The organization and the central bank jointly promote financial education and inclusion among Filipinos through various programs, such as BSP Annual Financial Education Expo, Cyberfraud Information Campaign, and Banking On Your Future (BOYF), among others.

Additionally, the Bank Marketing Awards (BMA), a key BMAP initiative running on its fourth year, aims to improve bank marketing and communication practices by recognizing outstanding brand and marketing initiatives.

The BSP, BMAP and the Bankers Association of the Philippines (BAP) have also been working together to raise awareness on cybersecurity and educate the banking public on cyberthreats and online scams amid the rise in digital transactions.

The joint cyberhygiene information campaign dubbed as Check-Protect-Report underscores that cybersecurity is a shared responsibility among financial regulators, industry participants, and banking consumers.

BMAP continues to elevate the practice of bank marketing and communication through membership and public education, industry collaboration, collective participation and by providing recognition to outstanding brand and marketing campaigns and projects of financial institutions.