BSP readies BPI glitch report

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THE report on the Bank of the Philippine Islands (BPI) systems glitch that caused the double-posting of certain transactions is now being prepared by the central bank Supervision and Examination Sector.

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“I haven’t seen the report yet, but it is being prepared by the examination sector,” outgoing Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. told reporters on Wednesday.

On June 7, BPI deactivated its online network and automated teller machines (ATMs) for two days to rectify an internal error that double-posted transactions made between April 27 and May 2.

The country’s oldest and third largest bank has more than 800 branches and 3,000 automated teller machines nationwide.

The bank had assured clients it was not hacked.

Incoming Governor Nestor Espenilla Jr. said the BSP will investigate what happened. Espenilla is also the current deputy governor in charge of overseeing BSP-supervised financial institutions like BPI.

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