Subscribe to our newsletter!
- The Bank of the Philippine Islands (BPI) has reported a problem where some customers were charged twice for certain transactions. The bank is taking steps to fix the issue and refund any incorrect charges.
- The Bangko Sentral ng Pilipinas (BSP) has directed BPI to submit a timeline and updates on the reversal of the erroneous transactions and is in close coordination with the bank.
- Representative Joey Salceda, vice chairman of the House Committee on Banks and Financial Intermediaries, has called on the BPI to promptly compensate or reimburse affected customers and emphasized that the bank’s response should not slow down the BSP’s investigation into the causes of the glitch.
Representative Joey Salceda, who is the vice chairman of the House Committee on Banks and Financial Intermediaries, has called on the Bank of the Philippine Islands (BPI) to promptly compensate or reimburse customers who were affected by a double debit glitch that resulted in fund deductions last Wednesday.
Salceda stressed that the bank should not require these customers to sign waivers or quitclaims. The BPI has confirmed the report of the glitch.
BPI users flooded the bank’s social media accounts on January 4, 2023, because their transactions between December 30 and December 31, 2022, had been debited twice.
The bank then immediately recognized these reports and claimed that it is “already working to reverse the duplicate transactions,” with a promise to its users that their “account is safe and secure.”
Also on that day, the lawmaker from Albay’s second district stated that he was keeping an eye out for any “speed bumps” that the BPI and regulators might encounter in resolving the issue.
“The recent incident of double debiting and incorrect entry of balance details in BPI mobile banking accounts shows how prone to widespread glitches our financial cyberspace remains,” said Salceda.
In addition, the Bicolano congressman also emphasized that the immediate response of the bank should not slow down the Bangko Sentral ng Pilipinas (BSP) in investigating the causes and potential weaknesses of the bank, or even the whole banking system in the country.
“The BPI should take concrete steps to prevent a repeat of this incident. The House Committee on Banks and Financial Intermediaries is expecting a report from the Bangko Sentral on this matter,” he added.
According to the BSP, it has already directed the BPI to submit a timeline and updates on the reversal of its erroneous transactions. The monetary agency has also clarified that it is in close coordination with the bank amid the double debit transaction incident.
“The bank already identified the root cause of the operational error and committed to reverse the erroneous transactions and restore mobile and internet banking services the soonest possible time,” the BSP said in a statement.
It is not the first time that Salceda has spoken in relation to the financial situation in the country, as Salceda’s statements had an impact in 2022:
In March, the lawmaker explained that the country should impose taxes on freelancers and online workers hired by companies overseas.
Then, in August, Salceda refiled the Digital Economy Value Added Tax Law during the 19th Congress. He also announced that he is planning to create a group that will study the possibility of taxing digital assets, including crypto and NFTs.
And in line with the continuous weakening of the Peso against the Dollar last September, the solon affirmed that the Philippine Peso has no resistance against the U.S. Dollar. He also added that the Peso will not be stopped from falling to ₱68 in the near term because both the BSP and the national government are powerless to stop it.
This article is published on BitPinas: Representative Joey Salceda Calls for BPI to Compensate Customers Affected by Glitch
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.