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BPI to pursue improvements after NY debit glitch

by Joyce Remo

THE Bank of the Philippine Islands (BPI) expressed regret over the duplicate transaction glitch that affected thousands of bank account holders last December 30 and 31, 2022.

However, BPI’s statement was silent on the cause of the transaction glitch.

Through its social media pages, the bank thanked its clients and stakeholders for their “unwavering trust” in the bank’s ability to safeguard their account.

While the bank regrets that the incident had transpired, BPI President and CEO Jose Teodoro K. Limcaoco said the circumstance only strengthened their commitment to pursue improvement in their systems.

“This incident only strengthens our resolve to always pursue excellence, uphold the highest banking standards, and repay the trust and confidence our customers place in us,” said Limcaoco.

BPI also highlighted that it is “committed to review and improve existing systems, processes, and controls to address gaps and pursue enhancements to prevent recurrence.”

On January 4, BPI users complained about the significant deductions in their accounts. As seen in their shared bank statements, account holders have lost thousands of pesos after a so-called “0431 Debit Memo” subtracted money ranging from P 200 to P 60,000 from their savings account.

BPI quickly responded to the matter and was able to resolve the glitch within the day.

The Bangko Sentral ng Pilipinas ordered the bank to release a timeline and update regarding the issue on the same day. However, BPI is yet to comply with this requirement.

Banner courtesy: BPI



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