New BAP chief vows tighter safeguards vs ‘next generation risks’
MANILA, Philippines — The influential Bankers Association of the Philippines (BAP) is setting a more coordinated, tech-driven course to guard the financial system against emerging threats, with its new president signaling key steps to strengthen industry standards and collaboration.
Ana Maria Aboitiz-Delgado — who heads UnionBank and is the first woman to lead the influential banking group — takes over at a time when risks tied to digitalization, artificial intelligence (AI) and global uncertainties are becoming more complex and interconnected.
In her inaugural speech, Aboitiz-Delgado laid out the industry’s plan of action: deepen coordination among banks, tighten industry-wide standards, and work closely with regulators and stakeholders to ensure resilience.
“What excites me most is that as bankers, ours is an industry that has the ability to uplift lives and fuel economic progress by increasing the efficiency and effectiveness of banking services,” she said.
READ: Philippine banks deliver another banner year
But she warned that the same forces driving innovation are also introducing new vulnerabilities.
“As we see the acceleration of digitalization and the potential of artificial intelligence, we face a next generation of risks that extend beyond individual institutions and national borders. These risks are further compounded by the economic impact arising from geopolitical uncertainty that faces us,” she said.
To address these risks, the BAP will push for stronger “industry-wide standards” and deeper collaboration—not just among banks, but also with the Bangko Sentral ng Pilipinas and the broader financial ecosystem.
“So, together, they really underscore the importance of being purposeful in advancing industry-wide standards and deepening collaboration… so that trust and confidence in the financial system is not only preserved, but is strengthened,” she added.
READ: BSP on guard as digital banks face profit strain
Sustaining the momentum
The strategy builds on groundwork laid in recent years, including efforts to combat financial scams and cybercrime, support for the Anti-Financial Account Scamming Act, and improving shared platforms to handle the surge in digital transactions.
Regional cooperation will also remain a key pillar, with the BAP continuing its engagement with the Association of Southeast Asian Nations (Asean) Bankers Association under an “ecosystem approach” to address cross-border financial threats.
Alongside the leadership transition, the group named Elfren Antonio Sarte Jr. as managing director, replacing Benjamin Castillo.
Other officers include Metropolitan Bank & Trust Co.’s Fabian Dee as first vice president, LandBank’s Lynette Ortiz as second vice president, BDO Private Bank’s Joseph Albert Gotuaco as treasurer and Citibank’s Paul Raymond Favila as secretary.
With risks increasingly crossing borders and platforms, Aboitiz-Delgado made clear that the industry’s response will hinge on collective action—anchored on stronger safeguards, shared systems and sustained trust in Philippine banking. /dda
