Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience

This paper discusses Philippines’ Summary Technical Assistance Report series that provides high-level summaries of the assistance provided to IMF capacity development recipients, describing the high-level objectives, findings, and recommendations. Responding to a request from the Bangko Sentral ng Pilipinas (BSP) for developing a regulatory and supervisory framework for operational resilience, a Technical Assistance mission aided the authorities in identifying regulatory gaps, provided guidance in enhancing the regulatory framework and delivered a training program focusing on regulatory aspects pertaining to operational resilience. The recommendations focused on articulating the case for policy initiative, developing a regulation in consultation with the industry, considering potential severe but plausible scenarios. The report recommends identifying and addressing regulatory gaps in existing regulations on corporate governance, information and communication technology/cyber risk, outsourcing, business continuity management, and operational risk management from an operational resilience perspective based on the feedback and the inputs provided.