The British Chamber of Commerce Philippines (BCCP) reiterated its strong support for the swift passage of the Cybersecurity Act during a recent event titled “AFASA Law: Cyber Resilience in Financial Services.” AFASA is the Anti-Financial Account Scamming Act.
Held on November 28 as part of its Trade & Connect series, the event highlighted the Chamber’s advocacy for key reforms to enhance the country’s cybersecurity resilience.
“We support the passage of the Cybersecurity Act that will complement the cybersecurity efforts from the government such as the AFASA and the National Cybersecurity Plan,” BCCP Executive Director and Trustee Chris Nelson said.
“Also, our partners like CyberQ Group have reiterated the growing Filipino cybersecurity talents, and the Chamber is very keen to work with the government in improving skills and cybersecurity resilience in the country,” he added.
The event underscored the importance of AFASA, signed into law on July 20 this year, as a cornerstone of the financial sector’s cybersecurity defenses.
Bangko Sentral ng Pilipinas (BSP) Acting Director, Consumer Account Protection Office (CAPO) Atty. Alain Bert G. Regis, detailed the AFASA’s “Trident Approach,” which focuses on:
- Criminalizing financial scams, including money muling and social engineering schemes.
- Engaging financial institutions in fraud and risk management, temporary holding of disputed funds, and coordinated verification.
- Empowering BSP to investigate and enforce regulations concerning financial accounts.
Department of Information and Communications Technology (DICT) Undersecretary Jeffrey Ian C. Dy outlined how AFASA aligns with the National Cybersecurity Plan 2024-2029. He emphasized a “whole-of-nation approach” to strengthen regulatory oversight and enhance government cyber responses.
The British Chamber’s ongoing collaboration with stakeholders, including the CyberQ Group Philippines, the British Embassy Manila, and the DICT, highlights its proactive role in cybersecurity advocacy.
Earlier this year, the Chamber attended the Cybersecurity Reception with His Majesty’s Trade Commissioner for Asia Pacific, Martin Kent, which explored UK-Philippines partnerships in cybersecurity.
In March, it hosted an event with CyberQ Group to address the skill gap in Manila’s cybersecurity workforce, further reinforcing its commitment to cultivating local talent.
By actively supporting these initiatives, the British Chamber continues to position itself as a key partner in advancing the Philippines’ cybersecurity posture and economic resilience.
Colliers was the venue partner and The Philippine Business and News one of the media partners of the event.
