BSP to release AI ethics regs for banks this semester

The Bangko Sentral ng Pilipinas (BSP) plans to release regulations on financial institutions' ethical use of artificial intelligence (AI) by this semester.

Director Melchor T. Plabasan stated that existing regulations cover most risks associated with AI, but the new rules will focus on managing bias and ensuring accuracy.

Plabasan noted that Philippine financial institutions are already using various AI technologies in their operations, such as hyper-personalization for customer needs and credit assessment through alternative data.

The review findings of AI use cases in the Philippine financial sector will be included in a white paper to be released soon by the BSP.

Financial institutions must ensure compliance with existing technology and cybersecurity rules while upholding human-centric values in their AI strategies, according to Plabasan.