FSO members speak in BSP conference

SGV Financial Services Risk Management (FSRM) Director Michelle Pacleb and Senior Director Christian Chua served as resource persons at a recent conference of the Payments and Settlements Office (PSO) of the Bangko Sentral ng Pilipinas at the Bulwagang BSP in Malate, Manila. EY Singapore Manager May Yee Chong was also invited as a resource person.

The conference was titled “Providing a Safer, More Efficient, and More Inclusive Philippine Payments and Settlements System.” Its main speakers included those at the forefront of BSP’s payment initiatives: Ms. Carmelita Araneta, General Manager of Philippine Payments Management, Inc. (PPMI); Ms. Eleanor Turaray, Acting Director of the BSP Payments and Settlements Office (BSP PSO); and Mr. Raymundo Estioko, Acting Director of the BSP Payment System Oversight Department. Representatives from the banking sector as well as FinTech and payments institutions attended the event.

BSP Governor Nestor Espenilla, Jr. opened the event by reiterating the three pillars of central banking: price stability, a stable banking system and a safe and reliable payments system. In support of the third pillar, the BSP previously launched the National Retail Payment System (NRPS) in 2015, at which two automated clearing houses (ACH) were also launched: PESONet and InstaPay.

Following BSP Governor Espenilla, SGV/EY’s resource speakers provided three approaches in quantifying cybersecurity risk: cost quantification (reduction and optimization), network and transition modelling (entity-level), and cyber modelling (macro-level).

Philippines’ Financial Services Office Head Vicky Lee-Salas, FSRM Directors Janice Joy Agati and Marco Obias, Associate Director Ruben Simon, and IT Risk Advisory Senior Director Carlo Kristle Dimarucut were also present in the event.