The Senate Committee on Banks, Financial Institutions and Currencies started its hearing on the system glitches that two of the country’s largest banks experienced in early June.
Representatives from the Banko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC) and executives of the Bank of the Philippine Islands (BPI) and Banco De Oro (BDO) were present to shed light on the incidents.
Senate President Aquilino Pimentel 3rd called for the investigation to establish factual basis behind what has been going on with the systems of the BPI and BDO following the breakdown of their automated teller machines (ATM) machines.
Senator Francis “Chiz” Escudero, chair of the committee, in his opening statement said that it wanted to find out from the banks themselves what really happened and what have been done by the two institutions so far.
Escudero also assured bank representatives that the committee would not allow sensitive information discussed during the proceedings and was willing to go on executive session if the need would arise.