BPI dismisses hacking, billion-peso claims from depositors during tech glitch

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THE Bank of the Philippine Islands (BPI) has branded as fake claims by some of its clients that their accounts have been credited with billions of pesos during the breakdown of its system on June 7.

Speaking during the hearing of the Senate Committee on Banks, Financial Institutions and Currencies on Wednesday, Ramon Jocson, Executive Vice President of BPI, also said that the system that suffered a glitch was not hacked because it was not connected to the Internet or to any external drive.

Jocson said that it was highly impossible for clients to get even P1 billion credited to their account during the incident.

“The documents they presented to the public and to television, and radio stations were all doctored and fake,” Jocson said.


The bank executive was referring to claims by some depositors of BPI that their accounts have been credited with billions of pesos during the system error.

While Jocson admitted that there were credits and debits on the accounts of their clients, the money involved was not that big.

He added that the average debit registered to the banks 1.5 million clients was around P7,700 while the average credit was at P7,200.

“These are the average amounts that were seen by our clients when they checked their accounts on June 7,” he added.

Jocson said that in order for a client to even reach P1 billion in credit he or she would need to feed five cash acceptance machines of BPI for a total of P1.8 million per hour for 24 hours simultaneously for five days.

The other thing is that it is not possible to do this because BPI’s cash acceptance machines can only accept a maximum amount of P4 million.

“Categorically I can state that those who claimed getting P12 billion, P8 billion or
even P1 billion on their account are all false,” he added.

Jocson, at the same time, assured the committee that the glitch was not caused by hacking because the system affected was not connected to the Internet or to any external system.

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