A lawmaker on Wednesday said the Bank of the Philippine Islands (BPI) should promptly reimburse or compensate depositors losing money without being made to sign waivers or quitclaims in relation to the double debit transaction incident affecting BPI accountholders.

Albay Rep. Joey Salceda, vice-chair of the House Committee on Banks and Financial Intermediaries, said he will be watching out for any “speedbumps” that BPI and the regulators may encounter in resolving the issue within the day.

BPI has attributed the incidents to a glitch, noting that some debit and e-commerce transactions from Dec. 30 and 31, 2022, were posted twice.

The bank said it is working to reverse the double transactions “within the day”, assuring its clients that their accounts “are safe and secure.”

“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,” Salceda said.

Salceda said a resolution of this issue within the day should not preclude
the Bangko Sentral ng Pilipinas (BSP) from investigating the causes or potential weakness of the specific bank or the banking system as a whole.

He said the BPI should take concrete steps to prevent a repeat of this incident.

He also noted that the House Committee on Banks and Financial Intermediaries is expecting a report from the Bangko Sentral on this matter.

The BSP has directed BPI to submit a timeline and updates on the reversal of its erroneous transactions.

The BSP is also 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. (PNA)

Photo credit: House of Representatives website