Koko wants BPI technical glitch probed

MANILA, Philippines - Senate President Aquilino Pimentel III filed yesterday a resolution seeking an inquiry on the reported computer glitch in the Bank of Philippine Islands (BPI) that had accounts entering into unauthorized transactions. 

In Resolution 403, Pimentel directed the Senate committee on banks and financial institutions, chaired by Sen. Francis Escudero, to investigate the “internal data processing error” of BPI that “tainted” the bank’s image.

“A number of BPI account holders find the public statements of the bank concerning this particular issue of incorrect balances to be unsatisfactory, lacking in details and shrouded in mysterious technical terms like ‘internal data processing error’ and are looking forward to be enlightened about this incident from a public hearing on the matter,” Pimentel said.

“Although this inquiry has been prompted by the experience of only one bank, there is a need to find out if other banks and our entire banking system are vulnerable to the same phenomenon as what struck BPI this early June 2017,” he added.

Stressing the nature of banking, Pimentel pointed out that the country’s banks are required to treat the accounts and deposits of its clients with meticulous care and that the highest degree of responsibility and trustworthiness is expected of them.
He said the inquiry would tackle the safeguards to injury “attributable to the negligence of banks” to banking clients. Last week, he said he was seeking the investigation as “demanded by constituents.”

Escudero said he would wait for the formal referral of the resolution to his committee before acting on it.

The BPI earlier said its “internal data processing error” has affected its system resulting in discrepancies in the bank account balances, debits for some and increases in the bank statements of other depositors.