THE United Coconut Planters Bank (UCPB) is set to deactivate cards that are not yet microchip-enabled by next month pursuant to central bank regulations on migrating to the Europay, Mastercard and Visa (EMV) technology.

In a statement e-mailed to reporters on Thursday, the bank said its automated teller machine (ATM) cardholders have only before Aug. 1 to secure and upgrade their cards to the UCPB Visa Debit/EMV Card as part of the lender’s tighter security measures.

“The bank’s new Visa Debit Card provides our cardholders more security through the EMV chip,” UCPB Vice-President and Marketing Group head Charina D. Balanquit was quoted saying in a statement.

In 2014, the Bangko Sentral ng Pilipinas (BSP), through BSP Circular 859, announced it will impose the EMV standard on card-issuing entities, originally setting the deadline on Jan. 1, 2017.

However, with most banks yet to fully shift to the platform, the central bank in June gave Philippine lenders up to June 30, 2018 to adopt the EMV technology.

UCPB, the 12^th largest bank in asset terms, already finished shifting its systems to EMV technology, with the lender already prepared to issue and process its microchip-enabled cards.

The regulator had warned banks that non-compliance with its tighter EMV guidelines would constitute a “serious offense” that would warrant penalties.

The EMV platform makes use of microchips rather than the traditional magnetic strip found at the back of cards, which are prone to skimming — usually done by illegally tapping into ATM terminals to steal client data. As a result, EMV makes depositors and credit card holders “more secure” against fraud.

In June, BSP Governor Nestor A. Espenilla, Jr. said shifting to the EMV platform is the “long-term” solution against card skimming.

According to BSP data, there are around 76 million debit and prepaid cards in the country while there are 8.5 million credit cards.

Local banks also operate 19,084 ATMs across the country.

In the first quarter of the year, UCPB saw its bottomline reach P958.13 million, higher than the P929.19 million booked in the comparable period a year ago, on the back of robust lending and strong investment activities during the three-month period.

Its total loan portfolio in the first quarter of the year stood at P149.52 billion, 18% up from P126.62 billion logged in the comparable 2016 period. The bank’s total deposits also grew 10% to P255.74 billion in the first three months.

For this, UCPB eyes to book a 20-25% growth in profits versus end-2016’s figures to be driven by higher deposits despite not putting up new branches for the year. — Janine Marie D. Soliman

THE Monetary Board has named career central banker Chuchi G. Fonacier as the new deputy governor for banking supervision at the Bangko Sentral ng Pilipinas (BSP).

Ms. Fonacier, who has rendered 33 years of serving the central bank, takes over as head of the BSP’s Supervision and Examination Sector, a post previously held by now-Governor Nestor A. Espenilla, Jr.

Mr. Espenilla made the announcement in a text message to reporters yesterday after the decision of the Monetary Board, which is the BSP’s highest policy-making body.

Prior to her appointment, Ms. Fonacier was named sector-in-charge after Mr. Espenilla took the central bank’s top post on July 3.

Ms. Fonacier entered the Central Bank of the Philippines in 1984 as a bank examiner and eventually rose through the ranks as Assistant Governor, where she worked with Mr. Espenilla for concerns on bank supervision.

Ms. Fonacier is a certified public accountant and a holder of a career service executive eligibility for public servants. She holds a bachelor’s degree in Commerce major in Accounting from La Salle College-Bacolod and a Master in Business Administration from the Ateneo de Manila University.

Among her previous duties include resolution of problem banks, as well as promoting mergers among small banks via the strengthening program for rural and cooperative banks from 2010 to 2015, and the consolidation program for rural banks which is due to expire next month.

With the appointment, Ms. Fonacier would now supervise the BSP’s inclusive financial advocacy unit, technical services staff, administrative and operations group, alongside operations on bank examination and inspection, financial data collection, and policy studies. She would also oversee the BSP’s consumer affairs and financial literacy initiatives.

Ms. Fonacier’s stint as deputy governor for bank examination comes at a time of increasing focus on cyber-security, which has been flagged by central bank officials as a constantly-evolving threat for the financial system. Mr. Espenilla has said that the central bank will be issuing updated guidelines on rules covering cyber-security and information technology risk management for banks and financial firms.

The Supervision and Examination Sector has also ordered the migration of credit and debit cards to the Europay Mastercard Visa standard by June 2018, a platform deemed more secure versus skimming and fraud compared to the old magnetic strip technology.

The planned National Retail Payments System, which seeks to steer financial transactions towards electronic payments and away from cash settlements, likewise falls under Ms. Fonacier’s watch after its launch in 2015. — Melissa Luz T. Lopez