The Bangko Sentral ng Pilipinas (BSP) has called on banks and other financial institutions to strengthen governance and consumer safeguards as the use of artificial intelligence expands across financial services.
BSP Governor Eli Remolona Jr. said AI can help institutions analyse complex information, identify patterns and generate ideas, but responsibility for determining how the technology is used and what outcomes are pursued must continue to rest with people.
The central bank’s message comes as financial institutions increasingly move AI applications beyond pilot projects and into operational use. Banks are already deploying the technology in areas such as customer service, fraud detection and operational efficiency, while regulators are paying closer attention to the risks that may emerge as adoption accelerates.
Remolona emphasised that AI should complement employees rather than simply replace them. While the technology offers substantial opportunities for financial institutions and their customers, its adoption can also create new governance, operational and consumer-protection risks that require effective oversight.
BSP Deputy Governor Lyn Javier said the central bank would work to ensure appropriate safeguards are established to protect consumers as AI becomes more widely integrated into financial products and services.
The observations were made during the BSP AI Summit 2026, held on July 27, 2026, at the central bank’s headquarters in Manila. The event brought together regulators, banking executives and technology professionals to discuss the transition of AI initiatives from experimentation to practical deployment.
Another major theme discussed at the summit was the importance of reliable data. As AI systems increasingly support risk assessment and business decisions, the quality and reliability of underlying data becomes critical to maintaining the accuracy and integrity of resulting outputs.
The BSP did not announce any new AI regulations during the summit. However, its emphasis on governance, human accountability and consumer protection indicates that the regulator is closely examining how financial institutions integrate AI into both customer-facing and internal processes.
For banks, the BSP’s position reinforces the need to develop AI governance alongside technological deployment. Institutions expanding their use of AI will increasingly need controls covering data quality, human oversight, accountability, operational resilience and consumer protection rather than treating artificial intelligence solely as a technology or efficiency initiative.
