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Senate panel to defer inquiry on BPI glitch pending BSP probe


Wary about the possible effects of a Senate inquiry on the banking industry, Senator Francis “Chiz” Escudero said his panel would first wait for the result of the Bangko Sentral ng Pilipinas’ (BSP) investigation on the technical glitch that affected multiple accounts of the Bank of the Philippine Islands’ (BSP) clients.

“Will wait for the results of the internal investigation of BPI and the BSP which is expected this week before deciding what to do,” Escudero, chairman of the Senate committee on banks, financial institutions and currencies, said in a text message to reporters.

“Without sacrificing the truth and transparency, we should also be careful about the possible effects an investigation may have on the banking industry as a whole, especially given the fact that BPI is the 3rd largest bank in the country,” he said.

Escudero was referring to a Senate resolution filed by Senate President Aquilino “Koko” Pimentel III seeking a legislative inquiry on the system glitch that affected BPI’s customers.

On Tuesday, 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.

“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.

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

Pimentel’s resolution has yet to be formally referred to Escudero as Congress is on sine die break. It will open its second regular session on July 24. — RSJ, GMA News

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