MANILA (UPDATE) - The Bank of the Philippine Islands on Wednesday said it is working to reverse duplicate transactions as users report unauthorized withdrawals.

Some ATM, CAM deposits, POS and e-commerce debit transactions from Dec. 30 to 31 were posted twice, BPI President and CEO Jose Teodoro 'TG" Limcaoco told ABS-CBN News.

"We are already working to reverse the duplicate transactions. Rest assured that your account is safe and secure," Limcaoco said.

In a separate statement, BPI said the reversals are expected to be completed on Jan. 4.

"Please be informed that we expect correction of the duplicate transactions within the day," it said.

The hashtag 0431 Debit Memo was the top trend on Twitter early Wednesday.

At around 8:30 a.m., the BPI app remains inaccessible.

BPI said access to the app and online banking channels may be intermittent due to the high volume of inquiries.

Meanwhile, the Bangko Sentral ng Pilipinas said it has instructed the BPI to submit a timeline and updates on the reversal of erroneous transactions.

"The Bank already identified the root cause of the operational error and committed to reverse the erroneous transactions and restore mobile and internet banking services the soonest possible," the central bank said.

— With a report from Michelle Ong and Warren De Guzman, ABS-CBN News

• Head-to-head: BPI unfazed by competition with digital banks
• BPI approves issuances of shares to Robinsons Bank shareholders following merger
• BPI says glitch fixed, access to ATMs restored

RELATED VIDEO:

Watch more News on iWantTFC