SENATOR Francis “Chiz” Escudero said his committee would first wait for the result of the investigation by Bangko Sentral ng Pilipinas (BSP) into the Bank of the Philippine Islands (BPI) glitch that affected multiple accounts of its clients.
“Will wait for the results of the internal investigation of BPI and the BSP which is expected this week before deciding what to do,” Escudero, chairman of the Senate Committee on Banks, Financial Institutions and Currencies, said.
Escudero was wary about the possible effects of a Senate inquiry on the banking industry from the BSP’s probe.
“Without sacrificing the truth and transparency, we should also be careful about the possible effects an investigation may have on the banking industry as a whole, especially given the fact that BPI is the 3rd largest bank in the country,” he said.
Escudero was referring to a Senate resolution filed by Senate President Aquilino “Koko” Pimentel III seeking a legislative inquiry into the system glitch that affected BPI’s customers.
Pimentel filed Senate Resolution 403 directing the Senate committee on banks and other appropriate committees to probe the alleged “internal data processing error” of the BPI.
Pimentel’s resolution has yet to be formally referred to Escudero as Congress is on sine die break. It will open its second regular session on July 24.