BPI apologizes for duplicate transactions

The Bank of the Philippine Islands (BPI) on Thursday apologized for the duplicate transactions reflected on clients' accounts during the holidays and committed to improving its services.

In an emailed statement, the Ayala-led lender thanked its "customers and stakeholders for their patience, understanding, and support" and said that it "regret(s) the incident and its effect."

"No one is ever perfect, and when you stumble, you admit [it] and address [it]," BPI President and CEO Jose Teodoro Limcaoco said.

"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," he added.

BPI earlier reported that some transactions, including those made through automated teller machines (ATMs), cash accept machine (CAM) deposits, point-of-sale transactions, and e-commerce debit, from December 30 to December 31, 2022, were posted twice.

BPI Chief Customer and Marketing Officer Cathy Santamaria said "only some clients were affected,"

The bank said on Wednesday evening that it had successfully resolved the double posting of transactions.

"BPI is committed to [reviewing] and [improving] existing systems, processes, and controls to address gaps and pursue enhancements to prevent recurrence," it said.

"At BPI, we understand that when our customers bank with us, they are giving us their trust. They have our assurance that their accounts are safe and secure," it added.

BPI ended the third quarter of 2022 with P29.8 billion in revenues and P10.1 billion in net income. It was also the third-largest bank in the Philippines as of September 2022, with total assets worth P2.519 trillion.

Shares in BPI closed Thursday at P99.80 apiece, up by P1.50 or 1.53% from Wednesday’s finish of P98.30 per share. —VBL, GMA Integrated News