Pimentel wants urgent probe of BPI, BDO glitch

June 16 2017 4:45 PM

File image from Senate of the Philippines' Facebook page/Lex Nueva Espana
File image from Senate of the Philippines’ Facebook page/Lex Nueva Espana

Senate President Aquilino Pimentel III said the Senate will immediately look into the series of technical glitch that hit the internal systems of the Bank of the Philippine Islands (BPI) and recently, the BDO Unibank Inc. (BDO).

Pimentel said he has talked to Senator Francis “Chiz” Escudero, chairman of the Senate committee on banks, financial institutions and currencies, about the proposed investigation on the security of the banking sector.

“I told Chiz the matter of the security and integrity of our banking sector has now become an urgent topic to examine and be transparent about,” Pimentel told the media on Friday, June 16.

“BPI, BDO, plus the news of the recent arrests of foreigners tampering with our ATMs should be sufficient impulse and justification for us to hear and investigate this matter,” he said.

On Friday morning, some BDO clients complained of losing cash in their ATM accounts.

This happened a few weeks after an error in the bank’s internal system affected the transactions of BPI card holders.

BDO, meanwhile, has not revealed yet what caused the discrepancies in their clients’ accounts.

The bank’s management, however, assured that cases of lost cash will be properly investigated.

“Customers with unauthorized transactions may reach out to the bank via formal channels so that their cases may be properly investigated and, where confirmed as impacted, may be reimbursed,” it said.

“BDO would like to reassure the public that it exerts all efforts to protect its cardholders and their transactions,” it added.