Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience

Monetary and Capital Markets (MCM) department delivered a hybrid technical assistance (TA) mission to assist the Bangko Sentral ng Pilipinas (BSP) in developing a supervisory framework for operational resilience. An earlier mission in 2022 assisted BSP to develop a regulatory framework for operational resilience. The virtual mission focused on taking stock of developments since the regulation was developed. The in-person mission developed concepts and thinking on operational resilience supervisory framework and imparted training to supervisors. The mission is supported by senior management well. Recommendations included reflecting Basel Core Principle 25 (BCP25) in the draft regulation, developing internal guidance for supervisors, adjusting risk rating methodology and leveraging the experience of the working group.