The system glitch that hit the Bank of the Philippine Islands has “eroded” the confidence of its clients in the Philippine banking system, Senator Sherwin Gatchalian said. | DFernandezINQ
MANILA, Philippines — The system glitch that hit the has “eroded” the confidence of its clients in the Philippine banking system, Senator Sherwin Gatchalian said on Wednesday.
BPI clients have complained of unauthorized debit transactions. The bank confirmed that debit transactions from December 30 to 31 last year have doubled.“The system glitch is alarming as this erodes the confidence of customers in the country’s banking system in general and thus impacts the government’s goal of enhancing financial inclusion amid an ongoing trend for the use of digital space in undertaking financial transactions,” Gatchalian said in a statement.
“Banking institutions need to ensure the safety and security of their customers’ hard-earned money to encourage more people to join and participate in the formal financial sector, which is an important component in supporting sustained economic growth,” he added.
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