Financial institutions supervised by the Bangko Sentral ng Pilipinas (BSP) reported cyberattack-related losses amounting to PHP5.82bn (USD101m) in 2024, a 2.6% rise from the previous year, according to central bank data. The number of reported cyber incidents surged to 40,780, driven by phishing, card-not-present fraud, and identity theft. Phishing and card-not-present fraud alone caused PHP1.8bn and PHP1.5bn in losses, respectively. BSP officials warned that emerging technologies, including AI and deepfakes, are now being used to enhance cyberattacks. Experts attributed the increase in cyber threats to rapid digital transformation and called for enhanced defences, better consumer awareness, and stronger industry collaboration. Regulators are urging financial institutions to improve cybersecurity frameworks and adopt multi-layered, AI-driven threat detection systems.