THE Senate Committee on Banks, Financial Institutions and Currencies will try to determine on Wednesday the cause of the systems glitches that hit two major banks in the country recently and what had been done to prevent similar occurrences in the future.
The panel headed by Sen. Francis “Chiz” Escudero will begin today its inquiry, in aid of legislation, of the reported technical glitches experienced by the Bank of the Philippine Island (BPI) and Banco de Oro (BDO).
“We also want to find out what has been done or will be done to avoid similar occurrences in the future and to fill gaps in legislation, if necessary,” Escudero said.
Sen. President Aquilino Pimentel 3rd filed Senate Resolution directing Escudero’s committee and other appropriate committees to probe the alleged “internal data processing error” of the BPI.
The panel will also tackle the reported “compromised automatic teller machines (ATMs)” of BDO.
Pimentel in a separate interview said he wants transparency from the banks to keep the public informed.
“We need to know what happened. What is happening? Is there something infecting or affecting the banking sector?” he added.
Among those invited as resource persons were Budget Secretary Benjamin Diokno, Securities and Exchange Commission head Teresita Herbosa, officials of the Bangko Sentral ng Pilipinas, BPI President Cezar Consing and BDO officials headed by Nestor Tan.