Senate suspends
inquiry on BPI glitch

June 14 2017 6:23 PM

 

Senator Chiz Escudero 3 from senate.gov.ph
The Senate deferred its investigation on the technical glitch that caused a breakdown of the electronic services of the Bank of the Philippine Islands, the head of the lead committee in the inquiry said on Wednesday, June 14.

Senator Francis “Chiz” Escudero said the inquiry would be conducted pending results of the bank’s internal investigation.

Escudero, who heads the committee on banks, financial institutions and currencies, said the Senate was being careful about the effects of the inquiry, especially since BPI was the third largest bank in the country.

“We’ll wait for the results of the internal investigation of BPI and the BSP which is expected this week before deciding what to do,” Escudero said in a statement on Wednesday, June 13.

(BSP is Bangko Sentral ng Pilipinas)

“Without sacrificing the truth and transparency, we should also be careful about the possible effects an investigation may have on the banking industry as a whole especially given the fact that BPI is the third largest bank in the country,” he added.

Last week, Senate President Aquilino “Koko” Pimentel lll said he would call for a Senate inquiry into the alleged computer glitch that hit the financial system of BPI.

“The computer fiasco is a dangerous occurrence even as the BPI assured the public that the so-called internal data processing error was not a case of hacking as spontaneously reported by social media users in their public accounts,” Pimentel said in a statement on Friday, June 9.

In its own statement, BPI said an “internal data processing error” led to the irregularities in the bank accounts of their clients. The accounts of some clients have been debited twice or credited twice for a past transaction.

BPI had apologized for the inconvenience and assured its customers that none of them would lose money from the incident.

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