BPI: No instant 'billionaires' in 'internal glitch'

ABS-CBN News

Posted at Jun 21 2017 12:28 PM | Updated as of Jun 21 2017 01:01 PM

MANILA - Bank of the Philippine Islands (BPI) customers who claimed that billions of pesos were transferred to their accounts due to an "internal glitch" earlier this month just made the story up, a bank official said Wednesday.

"Categorically, I can state na 'yung mga nagpost ng P12 billion, P8 billion, P1 billion were all false," Ramon Jocson, BPI Enterprise Services Group head, told lawmakers at the Senate Committee on Banks, Financial Institutions and Currencies probe Wednesday.

"The documents they presented to the public and to the TV stations and radio stations were all fake and doctored," he added.

BPI accounts briefly reflected incorrect figures following a glitch on June 6, where transactions from April 27 to May 2 were reposted, Jocson said.

The internal glitch that caused unauthorized postings of deposits and withdrawals only affected automated teller machines, cash acceptance machines, and point of sale systems. It disabled electronic transactions for two days.

And so, having a 10-figure balance in an account would mean actual deposits of such amounts several weeks before the incident.

Jocson said having a P1 billion deposit during the glitch would mean that the account holder had deposited P1,000 bills into at least 5 BPI machines 24 hours a day for five whole days.

"The highest denomination our cash acceptance machines can accept is 1,000 so, theoretically, in one minute you can feed 30,000 (per machine). Multiply by 60 minutes, in 1 hour, you'll have P1.8 million (in your account)," the BPI executive said.

"In order for you to get P200 million a day, you have to do it across 5 machines, walang tigil for 24 hours, feed ka lang ng feed ng P1,000. Medyo imposible kasi our cassettes get filled at 4 million, then sasabihin niya, lipat ka na, puno na," he added.

The bank has apologized to its clients and said it would fully cooperate with investigations by the Senate and the central bank.