Gatchalian: BPI’s system glitch erodes customers’ confidence in PH banking system

Senator Sherwin Gatchalian on Wednesday, January 4 expressed concern the system glitch that hit the Bank of Philippine Islands (BPI) would erode the confidence of its customers in the country’s banking system.

Gatchalian said the Ayala Group-owned bank should immediately deal with their clients’ complaints regarding unauthorized debit transactions.

“I call on the BPI management to work on the immediate restoration of its clients’ actual and correct account balances and ensure that complaints are timely handled and redressed,” Gatchalian said in a statement.

“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,” he said.

BPI has earlier vowed to resolve the duplicate transactions “within the day” after its clients complained of unauthorized withdrawals.

The bank has also assured its clients that their accounts “are safe and secure.”

Gatchalian, however, said banks should see to it that customers can rely on the banking system to encourage more people to deposit their money in banks.

“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,” the senator stressed.