PHThe Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has released voluntary guidelines outlining 'minimum supervisory expectations' for the responsible use of artificial intelligence (AI) by financial institutions, including banks and e-wallet providers. These guidelines, issued via Memorandum No. M-2026-031, encourage but do not require adoption. AI is increasingly integrated into financial services, such as analyzing spending patterns, assessing loan repayment likelihood, verifying identities, detecting fraud, and offering personalized recommendations. According to a 2024 BSP survey, nearly half of participating financial institutions had already implemented AI systems, with many more planning to incorporate AI in the future. Examples include GCash using AI for fraud detection and UnionBank employing AI in customer service and fraud prevention. The BSP emphasized five governance principles—sustainability, transparency, accountability, responsibility, and security—to ensure ethical AI use, with a focus on informing customers when AI influences decisions and allowing them to challenge AI-driven outcomes.
Bias read (Center): The article presents factual information about the BSP's voluntary AI guidelines without overtly favoring any political perspective. It describes the implementation of AI in financial services and the regulatory framework established by the central bank, which is a standard practice in public policy
