Sen. Win Gatchalian. (Voltaire F. Domingo/Senate PRIB)
MANILA, Philippines — Customers’ faith in the Philippine banking system has been “eroded” following the system glitch that hit the Bank of the Philippine Islands (BPI), Senator Sherwin Gatchalian said on Wednesday.
BPI clients have complained about fraudulent debit card charges. In a statement released on December 31st, the bank verified that debit card transactions had doubled between December 30th and 31st, 2017.
“The system glitch is alarming as this erodes the confidence of customers in the country’s banking system in general and thus impacts the government’s goal of enhancing financial inclusion amid an ongoing trend for the use of digital space in undertaking financial transactions,” Gatchalian said in a statement.
“Banking institutions need to ensure the safety and security of their customers’ hard-earned money to encourage more people to join and participate in the formal financial sector, which is an important component in supporting sustained economic growth,” he added.
Gatchalian called on the bank’s management to restore the account balances of its customers and “ensure that complaints are timely handled and redressed.”
READ: What to do in case of error in your BPI account
BPI earlier assured its clients that their accounts are “safe and secure” and that they are working to resolve the issue “within the day.”
READ: BPI vows to resolve transaction duplication issue ‘within the day’
Meanwhile, the Bangko Sentral ng Pilipinas ordered BPI to provide a timeline and updates on the issue.