Cognizant of the need for a reliable power source and company as the country seizes the momentum in the growing trust and confidence of the foreign investors and the new business that are now operating, the Captains of the Industries in the Philippines welcome the recent endorsement made by the House panel extending Meralco franchise for another 25 years.

Groups like Advocates and Keepers Organization of Overseas Filipino Workers (AKO-OFW), Bankers Association of the  Philippines (BAP), Private Electric Power Operators Association (PEPOA), Cavite Export Zone Investors  Association (CEZIA), Cement Manufacturers Association of the Philippines (CeMAP), Cold Chain  Association of the Philippines (CCAP), Institute of Integrated Electrical Engineers (IIEE), Semiconductor  and Electronics Industries in the Philippines Foundation, Inc (SEIPI), International Association of Business  Communicators Philippines (IABC Philippines), Mapúa Electrical Engineering Alumni Association Inc  (MEEAA), Philippine Association of Legitimate Service Contractors, Inc (PALSCON), Philippine Hotel  Owners Association Inc. (PHOA), Private Hospitals Association of the Philippines, Inc. (PHAPI), Philippine  Retailers Association (PRA), Retail Electricity Suppliers Association Inc (RESA), Japanese Chamber of  Commerce and Industry of the Philippines Inc (JCCIPI) and Women’s Business Council of the Philippines  (WBCP) have manifested support for the proposed legislative measures pushing for the renewal of the franchise of the Meralco for another 25 years. 

House Committee on Legislative Franchises Chairman Parañaque 2nd District Rep. Gustavo Tambunting acknowledged during a congressional hearing that more than two dozen groups have endorsed Meralco’s franchise renewal, noting the power distributor’s role in supporting the country’s economic growth.  

The industry and professional groups span various sectors such as energy, trade, and manufacturing formally expressed their support through formal letters submitted to the house panel.  

The Makati Business Club (MBC), the Management Association of the Philippines (MAP), the Federation of Philippine Industries, Inc. (FPI), the British Chamber of Commerce of the Philippines (BCCP), were among the groups that called for the grant of a fresh authority to operate for Meralco, which services the country’s key economic hub Metro Manila and neighboring areas.  

“Since its initial franchise, Meralco has achieved near-universal electrification within its franchise area and has consistently met growing demand. Moreover, a renewed franchise for Meralco aligns with government objectives to enhance energy security, resilience, and sustainability,” the MBC said. 

MAP President Rene Almendras meanwhile said the group “strongly supports the renewal of the franchise of Meralco which ensures reliable electricity that is crucial for businesses and Filipinos’ well-being”. 

For the FPI, renewing Meralco’s franchise will ensure the stability needed for local industries to grow further. 

“We see no reason to disrupt the continued operation of MERALCO, and not renewing its franchise is not  only extremely counterproductive but also a big disservice to Filipinos,” FPI Chairman Jesus L. Arranza said. 

The BCCP for its part commended Meralco for over a century of reliable service and emphasized its pivotal role in the local energy sector. 

“Meralco has established itself as a reputable company aimed at providing quality and affordable energy service to millions of Filipinos,” it said. 

Also joining the roster of groups backing Meralco’s franchise renewal bid are the Employers  Confederation of the Philippines (ECOP), IT and Business Process Association of the Philippines (IBPAP),  the Philippine Iron and Steel Institute (PISI), and the Society of Philippine Electrotechnical Constructors and Suppliers (SPECS) Inc. 

“Meralco has been an indispensable partner in our country’s economic landscape, providing essential electric power services that are foundational to the operations of industries large and small,” ECOP said in a letter signed by its chairman of the board, Edgardo Lacson, and its president, Sergio Ortiz-Luis Jr. 

The IBPAP meanwhile highlighted Meralco’s key role in the growth of the country’s IT and Business  Process Management sector.

“Our sector relies heavily on uninterrupted power supply to maintain productivity, support business continuity, and drive economic development and Meralco has been integral to the development and growth of the country’s IT-BPM industry,” IBPAP President and CEO Jack Madrid said. 

For its part, PISI advocated for the renewal of Meralco’s to allow for continuity in electricity service delivery. 

“We believe that this will best serve the interests of the public whilst aiding in the continued growth of our nation’s economy,” PISI President Ronald Magsajo said. 

The SPECS meanwhile called on lawmakers to approve the renewal of Meralco’s franchise to ensure stability in the power sector, noting that “it ensures reliable electricity that is crucial for businesses and  Filipinos’ well-being.” 

Through Cisco’s cybersecurity programs, banking professionals from across 13 of the leading banks in the country completed courses under the training program developed by Cisco Networking Academy, being one of the world’s longest-running IT skills-to-job program.

The shift to digital for the banking sector and many others has rapidly expanded the threat landscape, with 8 in 10 (85%) of security leaders in the Philippines believing cybersecurity incidents are likely to disrupt their businesses over the next year. Data from the Philippines Cybercrime Investigation and Coordinating Center (CICC) has shown cybercrimes increasing by 152% and online scams tripling from 2022 to 2023. This has led to the growing importance of cybersecurity education, awareness, and training for banking professionals.

“As cyber threats continue to escalate, so does the need for advancing and expanding our cybersecurity workforce,” said Zaza Soriano-Nicart, Managing Director, Cisco Philippines. “At Cisco, we recognize the urgency of this demand and remain committed to empowering those in the financial services sector with the knowledge and skills to securely navigate the digital landscape and improve cybersecurity resilience. We are honored to collaborate with BAP on this vital initiative and continue to provide banking professionals with the necessary skills of tomorrow.” 

Tackling the Growing Implications of Cyberattacks 

The “Cisco-BAP Cybersecurity Skills Training Program for the Next Generation Banker” is a dedicated initiative that institutionalizes cybersecurity training for banking professionals. Delivered in partnership with Mapua University through a mix of self-paced, in-person and virtual classes on Webex, the program is designed to equip participants with a comprehensive understanding of security standards and best practices to secure their organizations. It also seeks to expand the pool of cybersecurity professionals to fill vacancies in member banks and bolster the industry.

Professionals from member banks participated in one of two pathways. Banking professionals with management responsibilities, regardless of role or department, underwent the Beginners Program, which includes courses on Introduction to Cybersecurity and Cybersecurity Essentials. Managers with technical roles associated with technology or cybersecurity enlisted in the Specialized Program, which includes courses on Network Security, CyberOps Associate and Cloud Security, and were encouraged to take the courses in the Beginners Program as a refresher. 

“The importance of banks and financial institutions protecting consumer data and privacy is paramount in today’s digital era. With the evolving cyber threat landscape, banking professionals must be equipped with the knowledge and skillsets to prevent cybersecurity breaches and respond swiftly to threats. This partnership with Cisco enables us to provide them with strong cybersecurity skills, to not only safeguard institutions in the Philippines but also maintain the trust and confidence of customers,” said Benjamin P. Castillo, Managing Director, BAP. 

In a graduate recognition ceremony, participants from the 13 member banks received certifications for their completion of the first batch of the “Specialized Program.” Professionals from the Philippine Veterans Bank, Bank of Commerce, Security Bank Philippines, Robinsons Bank and UnionBank of the Philippines were awarded special recognition for receiving the highest marks on the courses in the training program. UnionBank of the Philippines was also recognized as the “Best Performing Bank,” for the highest number of professionals completing the courses with stellar results.  

The Cisco-BAP Cybersecurity Skills Training Program for the Next Generation Banker, powered by UGNAYAN 2030, stands as a testament to this collaboration’s commitment to guiding the financial sector towards digital inclusion and transformation. Recruitment of the second batch of students has started, with classes starting in April 2024. 

In a Power Up forum recently organized by Meralco and BAP, BAP Managing Director Benjamin P. Castillo emphasized the importance of introducing sustainable energy practices in banks’ day-to-day operations.

“As is generally known, electricity is a substantial operational expense for banks, particularly those with big branch networks and data centers. Managing energy expenses correctly can enhance profitability and competitiveness and implementing energy-efficient techniques can drastically cut operational costs for banks,” Castillo said.

The forum, which aims to empower the banking industry, was attended by facility and property managers and sustainability officers of 11 banks including Rizal Commercial Banking Corporation, Philippine National Bank, Metrobank, PBCom, among others.

Discussions centered on sustainable business particularly on how financial institutions can achieve their sustainability goals through efficient management of power.

Mr. Tomer Heyvi, Economic Counsellor and Head of the Mission shared that the purpose of this event is to share the Israeli expertise and technologies in the cybersecurity field in light of the growing challenges and threats that financial institutions around the world, including the Philippines, are facing these days.     

In his opening remarks, Israeli Ambassador to the Philippines H.E. Mr. Ilan Fluss shared, “My vision for the future of relations between Israel and the Philippines is to see growth in cooperation in innovation and technologies especially in these critical and sensitive areas. Israel has proven itself as a reliable and solid partner of the Philippines, therefore, I believe we should see more partnerships in the cybersecurity area.”

In the first session of the program, Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas shared his insights on Philippines Cybersecurity ecosystem and challenges in the financial sector. In his speech, Governor Diokno mentioned some key areas for collaboration such as threat intelligence platform and setting up a national CERT, given the industrywide initiatives in the Philippines and the maturity and sophistications of Israel in terms of cybersecurity controls and management. “I hope this session will strengthen ties and cooperation between Israel and the Philippines so that our respective financial services sectors remain safe, innovative and resilient in the digital economy,” he added.

Additionally, Mr. Jose Arnulfo A. Veloso, President of the BAP, highlighted in his remarks that cybersecurity remains to be a top priority of the association.  He shared a number of advocacies of the BAP to promote and intensify its cybersecurity framework in the Philippine banking and financial services sector. “Together with the partnership of the guests in this forum, we can take them [cyberthreats] head on,” President Veloso noted.

On the other hand, Mr. Doron Liberman, Director of International Cooperation Development in the Israel National Cyber Directorate (INCD), in his remarks shared the Israeli national approach and strategy to the cybersecurity ecosystem as a whole in the civilian sphere. “The INCD looks at its constituencies in different layers: critical infrastructure, sectoral and general public,” he said. Mr. Liberman further shared that the INCD is a national agency that provides national intelligence and active defense tools and methodologies, and awareness events where their assistance is needed.

Ms. Rahav Shalom-Revivo, Head of Financial-Cyber Innovation and International Engagements from the Israel Ministry of Finance, shared the multinational financial cyber simulation that the Ministry executed with countries that Israel has financial cyber relations with. In that simulation, she highlighted that international collaboration is key and that there must be synchronization between finance and cyber decision-makers. She added, “The collaborative understanding that only together we can overcome such dramatic attacks that at some point in time will happen in the future.”

A study case highlighting the power of collaboration was shared by Ms. Eden Cohen, Security Head of Security Operation Center of Bank Hapoalim, the largest commercial bank in Israel. In her presentation, she shared that in the last three years, there has been a significant rise in organized cybercrimes towards financial organizations by new and advanced tactics to penetrate the digital world. With this, she highlighted that the best way to handle the new generation-attackers is by collaboration as a necessity to protect ourselves and our customers. She added that collaboration between people, businesses, technology, intelligence, and enforcement is a key factor to be able to face cyber-attacks in a quick and thorough way.

The discussion was followed by a pitching session of 4 companies offering cybersecurity technologies: Semperis: “Protecting your Active Directory, the keys to your Kingdom”; Trustpeers: “Turn Chaos into a Controlled Event with the TrustPeers Cyber Crisis Management SaaS platform”; Cybowall: “AI Powered Cybersecurity”; and CYE: “Continuous Cyber Risk Visibility – Cyber Risk Quantification – Cyber Exposure Optimization.”

Mr. Benjamin Castillo, Managing Director of the BAP, shared in his closing remarks that the power of collaboration is very important in cybersecurity. He mentioned continuing discussions with INCD and the Israel Ministry of Finance as the BAP continues to explore its options in building a national CERT.

Israel is one of the leaders in cybersecurity expertise around the globe, and it has about 40% of the global cybersecurity investments. Israeli’s cybersecurity industry continued to grow in 2021 with a record of USD 8.8 billion in investments in 131 funding rounds – this was tripled compared to 2020 at USD 2.9 billion. Further, 33% of the Cybersecurity unicorns in the world are Israeli.