Senators to grill BPI, BDO execs

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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.

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2 Comments

  1. Roldan Guerrero on

    ” IN AID OF LEGISLATION ” This is a very tiring activity these LAZY and UNPRODUCTIVE LEGISLATORS ARE DOING. What Laws has the Senate made after the very long WITCH HUNT Pimentel Trillanes and Cayetano did? In case of production, how many laws had the Senate done in the last Fiscal Year? In the Lower House…they were only able to pass 4 laws which are not even useful for a period of one year….what about the Senate?

    There are designated agencies of the government whose function is to RUN AFTER THESE ERRING INDIVIDUALS..Lawmakers should concentrate doing their REAL FUNCTION and not to drain so much money just to perform their fultile intentions of maligning so many people.

    I have witnessed how such activity is done in the US Congress. The Congressmen and Senators are very polite and very careful in interrogating their resource withnesses. In the Philippines its the other way around. Resource persons and withnesses are not only bullied but they are harashed and subjected for contempt and detention unlawfully and illegally. Look at what Farinas did to his own provincemates DEFYING CA ORDER with his fellow arrogant compatriot even scaring to dissolve the CA. This FUTILITY TO THE MAXIMUM LEVEL SHOULD BE STOPPED.

  2. Senators to grill BPI, BDO execs
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    A bunch of non experts in the banking field are gonna grill banking execs.
    The senate is composed of pork barrel thieves who apparently are never going to be charged along with actors and comedians and high school grads.

    The senate is a useless branch of government that has done virtually nothing except conduct sham investigations which lead nowhere or are coverups.