Philippine financial system 'sound', strict rules in place for bank certifications: BAP


Posted at Jun 30 2020 10:13 AM

Philippine financial system 'sound', strict rules in place for bank certifications: BAP 1
A man walks past the Wirecard booth at the computer games fair Gamescom in Cologne, Germany, August 22, 2018. Wolfgang Rattay, Reuters/File Photo

MANILA - The Bankers Association of the Philippines said Tuesday the country's financial system was "sound" despite some rogue individuals who falsified documents to link local banks to the Wirecard scandal. 

Two of the country's biggest banks were dragged in the German payment provider's search for the missing $2.1 billion after some employees forged documents. BDO Unibank and the Bank of the Philippine Islands have terminated the said employees. 

Authenticity, especially of bank certificates can be proven through careful scrutiny or verification, BAP said in a statement.

"The BAP assures the public that the country's financial system is sound and that very strict rules regarding the issuance of bank certifications are in place," the statement said.

"Some individuals may try to forge or falsify these documents, but their authenticity can be readily ascertained through careful scrutiny or verification by the appropriate institutions. 

The BAP urged the public to practice due diligence in receiving certifications.

The Bangko Sentral ng Pilipinas earlier said no money from Wirecard entered the Philippines. The Anti-Money Laundering Council, the National Bureau of Investigation and the Department of Justice are currently investigating firms, former officials and Filipino nationals allegedly involved with Wirecard.