New business continuity requirements for Philippine banks approved

Published: Tuesday, 14 March 2017 08:31

The Manila Times has reported that the country’s central bank, Bangko Sentral ng Pilipinas (BSP), has agreed measures which will require the country’s banks to implement business continuity management systems.

The requirements are contained in a business continuity management circular which will be published by BSP. This sets out the standards that banks will be required to meet.

BSP will liaise with regional banks to monitor progress and to determine when banks will need to have their new and/or updated business continuity arrangements in place.