The Market Monitor Minding the Nation's Business
The recent signing of the AFASA Law, better known as Republic Act No. 12010 or the Anti-Financial Account Scamming Act is expected to be one major deterrents against the rising cyber threats and financial fraud.
This was emphasized during last week’s 2025 BPI CyberProtect Conference that was attended by hundreds of personalities from government agencies and private organizations at the Makati Shangri-la Hotel in Makati City. Guests of honors included Sen. Mark Villar and Rep. Brian Poe.
Orgainized by the Bank of Philippine Islands, the annual conference champions stronger consumer protection and cybersecurity measures with the theme “Global Best Practices in Consumer Protection: New Threats, New Defenses,” and served as a platform to advance cross-sector collaboration in safeguarding Filipino consumers in an increasingly digital financial ecosystem.
BPI president and CEO Jose Teodoro “TG” Limcaoco cited the bank’s long-standing commitment to bolstering cybersecurity through collaboration and even
affirmed BPI’s role as a trusted partner in safeguarding the nation against cyber threats by working closely with government to strengthen digital resilience.
“At BPI, we do not take this responsibility lightly. We see ourselves as partners not only to our customers but to the nation. Together with the government, we aim to be at the forefront of this ongoing battle against cybercrime and digital risks,” Limcaoco said.
In a written address by Pres. Marcos Jr., which was read by BPI head of public affairs and communications Maria Elena Torrijos, during the opening ceremonies, he underscored the urgency of cybersecurity in national development, calling on public and private sectors to work together in building a resilient digital economy.
“Through the strong partnership of the government, private sector, academe, civil society, and international stakeholders, we can generate and implement global best practices, policies, and programs that will reinforce trust in digital systems and guarantee our country’s cybersecurity resilience,” PBBM said.
Meanwhile, Jon Paz, BPI’s Enterprise Information Security Officer and Data Protection Officer, reiterated BPI’s commitment to making cybersecurity a shared journey through education and collaboration. “Protecting our customers goes beyond securing systems—it means empowering them with the knowledge they need to stay safe online,” said Paz. He further discussed how BPI is at the forefront of fighting digital scams.
The conference featured expert-led sessions tackling critical topics such as global frameworks for fraud prevention, local and international responses to financial scams, and emerging technologies in cybersecurity.
Bangko Sentral ng Pilipinas deputy governor Elmore Capule, one of the event’s key speakers, emphasized AFASA’s role in deterring financial fraud and reinforcing consumer confidence in digital banking. AFASA criminalizes fraudulent activities involving bank accounts, e-wallets, and other digital financial platforms. These include schemes such as money muling and social engineering tactics used to deceive account holders. AFASA is designed to enhance consumer protection and uphold the integrity and trustworthiness of the country’s financial system.
“Together with our partners in government and the private sector, we are building a more robust and responsive framework to protect financial consumers and preserve the integrity of our systems,” Capule noted.
In 2024, Cybercrime Investigation and Coordinating Center agency handled 10,004 cybercrime complaints highlighting the growing scale of the threat. Noting a sharp rise from 3,317 cases in 2023—with consumer fraud accounting for 35% of all reports and total financial losses reaching nearly P198-million.
With the stakes higher than ever, the 2025 BPI CyberProtect Conference served not only as a knowledge-sharing platform but also as a catalyst for sustained cooperation. BPI reaffirmed its commitment to leading dialogue, advancing innovation, and strengthening cybersecurity to help build a safer, more inclusive digital future for all Filipinos.