The Bank of the Philippines Islands (BPI) logo

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The Financial institution of the Philippines Islands (BPI) says a serious system glitch led to clients being hit by unauthorised cash withdrawals and deposits.

The problematic transactions reached as much as 1000’s of pesos. Some customers claimed on social media that their accounts had even gone into the crimson.

BPI chief govt Cezar Consing apologised on Wednesday morning in an interview with native TV station.

“This isn’t a hack, that is an inside problem,” he mentioned.

“Over the subsequent few hours, we’re ensuring the double credit, debits are corrected,” he instructed ANC.

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Account holders on social media are claiming to have misplaced something from four,000 pesos ($80; £62) to as much as 100,000 pesos.

In a statement posted on Twitter, BPI mentioned some shoppers might have seen their accounts debited twice or credited twice for a previous transaction.

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Twitter

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Twitter

It mentioned that they had suspended entry to digital banking whereas errors had been corrected.

Nevertheless, the transfer precipitated different BPI clients to complain they now cannot verify their accounts to see in the event that they had been affected.

Shares of BPI had been falling almost 1% in early inventory market buying and selling in Manila.

BPI counts Philippines conglomerate Ayala and Singapore sovereign wealth fund GIC amongst its main shareholders.