February 3, 2023

Pinoy Trekker

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BPI to PSE: No effect from Snafu

The Bank of the Philippine Islands (BPI) told the Philippine Stock Exchange (PSE) that it has successfully corrected all duplicate transactions since Wednesday evening.

In a disclosure to the local stock exchange on Thursday, BPI said its website and mobile application platforms are already accessible and back to normal to serve its account holders.

“There was no material impact on the business, financial condition and operations of the bank. The Bangko Sentral of Pilipinas [BSP] was also informed about the successful resolution of the problem. No further instructions have been received to date,” BPI said.

In a statement sent to the media last Thursday, BPI regretted the incident and the negative impact it had on its account holders.

BPI also thanked its customers for their “patience, understanding and support” last Wednesday and said they were “humbled” by their customers’ trust that the bank would protect their accounts.

“No one is ever perfect, and when you stumble, admit it and speak up,” said BPI President and CEO Jose Teodoro K. Limcaoco. “This incident only reinforces our resolve to always strive for excellence, uphold the highest banking standards and repay the trust our clients place in us.”

On January 4, 2023, some BPI account holders’ ATM, CAM deposit, POS, and e-commerce debit transactions were posted twice from December 30-31, 2022.

‘Hoy BPI’

BECAUSE of the incident, “Hoy BPI” and “0431 Debit Memo” were trending on Twitter, and many BPI account holders took to social media to voice their grievances about the duplicate debit transactions.

Many of those who posted their complaints provided screenshots of their charged accounts with amounts settled between December 30th and 31st last year.

The posts also included screenshots of the BPI mobile app that read, “We are unable to grant access at this time. Please try again”, effectively blocking users from their accounts.

Many of those who posted their rants on social media also begged that BPI should return the charged accounts as the funds were already reserved for various expenses.

As of Wednesday afternoon, tweets from BPI account holders already contained updates that their accounts were being restored. These were published along with posts from other account holders who are not yet seeing cancellations in their transaction logs.

The country’s third-largest lender by assets announced in August last year that 4.9 million of its 8.46 million customer base were signed up in digital channels by 2021. The bank said it also has a growing list of over 80 application programming interface partners, covering nearly 800 products and services with over 100 million transactions in 2021.