Koko Pimentel files Senate resolution to probe BPI glitch

Senate President Aquilino “Koko” Pimentel III on Tuesday filed a resolution calling for a legislative probe into the system glitch that affected customers of the Bank of the Philippine Islands (BPI).

Pimentel filed Senate Resolution 403 directing the Senate Committee on Banks and other appropriate committees to conduct an inquiry on the alleged “internal data processing error” of the BPI.

Pimentel said BPI’s image was “tainted” following the glitch that caused unauthorized credit and debit transactions from the bank accounts of its clients.

“A number of BPI account holders find the public statements of the bank concerning this particular issue of incorrect balances to be unsatisfactory, lacing in details, and shrouded in mysterious technical terms like ‘internal data processing error’ and are looking forward to be enlightened about this incident from a public hearing on the matter,” the Senate leader said.

“Although this inquiry has been prompted by the experience of only one bank, there is a need to find out if other banks and our entire banking system are vulnerable to the same phenomenon as what struck BPI this early June 2017.”

Pimentel said bank accounts and deposits should be handled “with meticulous care” as daily transactions involve billions of pesos.

“By nature of their work, the highest degree of responsibility, care, and trustworthiness are expected of banks. They are required to treat the accounts and deposits of their clients with the meticulous care,” he said.

The probe, Pimentel further said, should be held to look into the “safeguards against injury to the banking public attributable to the negligence of banks.”

BPI earlier explained that it experienced an “internal data processing error,” as it assured that the glitch was not a case of hacking.

"Due to an internal data processing error, some clients may have seen their accounts debited twice or credited twice for a past transaction," the BPI said.

Senator Francis “Chiz” Escudero, chairman of the Senate banks committee, said he cannot call for a hearing until the resolution is referred to his panel.

“I can’t until it is officially and formally referred to me once session resumes. I cannot assume, although its logical, that it will be referred to my committee, the tenor of the resolution notwithstanding,” Escudero said in a text message to reporters.

Congress will open its second regular session on July 24 ahead of President Rodrigo Duterte’s second state address. —KBK, GMA News