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Report: Bank of the Philippine Islands officers penalized over system glitch

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Report: Bank of the Philippine Islands officers penalized over system glitch

The Philippine central bank has penalized two Bank of the Philippine Islands officers over a system glitch in June 2017, The Philippine Star reported Feb. 7, citing unnamed sources.

Bangko Sentral ng Pilipinas's monetary board approved the unspecified enforcement action against the staff, who were not named. No fine was imposed on the lender as the error was accidental by nature, said a source.

In June 2017, an internal system error caused the bank's customers to lose up to tens of thousands of pesos in their accounts. It also caused the double-posting of some transactions that occurred between April 27 and May 2.

A congressional probe into the incident revealed a system programmer's mistake led to an internal data processing error that reflected incorrect balances in depositor accounts.

The bank officers were sanctioned for "a lapse in allowing programmer access to operational matters," a source said.