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Bank of the Philippine Islands to fix error affecting accounts

Bank of the Philippine Islands promised to fix an internal system error that caused customers to lose up to tens of thousands of pesos in their accounts on June 7.

The bank has identified the root cause of the error and anticipates "full resolution of this error within today," the lender said in a tweet the same day.

The error caused some transactions occurring between April 27 and May 2 to be double-posted as of June 6. The bank said it temporarily suspended access to electronic channels and reassured clients that they will not lose money from the incident. It added that all of the bank's branches will remain open.

Bank customers have reported incidents of negative balances in their bank accounts, or of losing money due to an automatic debit, ABS-CBN News reported June 7.

The incident was not the result of a hack, said Pia Tayag, head of the Bangko Sentral ng Pilipinas' inclusive finance and financial consumer protection.