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MANILA - Dragging two of the Philippines' largest banks in the alleged disappearance of $2.1 billion from German payments firm Wirecard could be part of a cover-up, the head of one of the lenders said Tuesday.

It was made to appear that funds were parked in the Philippine banks when there were none, said Bank of the Philippine Islands President Cezar Consing.

Wirecard said Monday the alleged missing funds likely don't exist. The Filipino lenders, BPI and BDO Unibank said documents were forged to link them to Wirecard.

"This looks to me as a potential cover-up involving 2 Philippines banks...and somebody is pretending there’s money, when there’s no money," said Consing, who is also president of the Bankers' Association of the Philippines.

• Missing $2.1 billion likely 'do not exist,' says Wirecard
• Five things to know about the Wirecard scandal

"They were made to appear that there were funds in our bank but in fact, there were no funds in our banks" he said, describing the incident as the opposite of money laundering.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno on Monday urged banks to tighten customer and employee checks.

• Heed 'lessons' in Wirecard woes, BSP tells banks
• German firm's missing money did not enter Philippines: central bank