Top Philippine Bank Wants Tougher Laws Against Cybercrimes

BDO Unibank Inc., the Philippines’ largest lender by assets, wants the country’s next president to be tough against cybercrimes.

Financial service providers that are outside the scope of central bank regulations have proliferated, and “for the health of the industry and the public, they should look at how these entities should be managed relative to banks” which are “extremely” regulated, BDO Unibank President Nestor Tan said during an annual general meeting. Legislation and regulation must be tough enough to discourage cybercrimes, he also said.