The Bank of the Philippine Islands reveals it is recovering some P46 million withdrawn by clients accidentally at the height of a systems glitch that twice posted bank transactions resulting in double credits and debits in accounts.
Cezar Consing, BPI president and chief executive officer, told a House inquiry that clients, mostly merchants, are returning the money.
“There’s still P46 million that outstanding. Most of them are merchants, small businesses. We are making arrangements with them to settle. Almost all of them have expressed willingness to settle,” Inquirer.net quoted Consing as saying.
The average amount that was credited to or debited from an account is P7,000, according to Joseph Gotuaco, BPI chief financial officer and executive vice president.
The highest amount debited was P1.6 million while the highest amount to be credited was around P2.5 million, Gotuaco said at the hearing of the House Committee on Banks and Financial Institutions and Currencies, and Committee on Finance Joint.
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