STATEMENT OF SENATOR WIN GATCHALIAN ON THE BPI SYSTEM GLITCH

I call on the BPI management to work on the immediate restoration of its clients' actual and correct account balances and ensure that complaints are timely handled and redressed.

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.

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.