Some 46 Million pesos was mistakenly withdrawn from accounts affected by the human error that resulted in the mispostings in the accounts of depositors of the the Bank of the Philippine Islands last June 6 and 7.

BPI President and Chief Executive Officer Cezar Consing was asked about this by lawmakers during the investigation of the House Committee on Banks and Financial Intermediaries.

Paranque Rep. Gus Tambunting asked, “what was the total amount which was mistaenly withdrawn from the BPI accounts?”

BPI Executive Vice President Joseph Gotuaco answered, “if i may, if i may take that question yes the right now we are assessing the impact on what was mistakenly out what we do know is the average misposting on both debitsor credits was around 7k pesos and the highest amount was  debited was 1.6M and the highest credit was around 2.5M”

Consing then answered, “the amount that was mistakenly withdrawn from BPI totalled 46M pesos. misppsoting because there were misposting there was an amoun that in some cases were mistakenly withdrawn. that amount is 46M”

Conasing however clarified that  most of this 46M is getting paid back. “most if not all”

Consing explained that the  46M that is still outstanding  are with merchants. “most of them are with merchants most of them are with small businesses because of the way their settlement accounts we are making arrangements with them 1 by one to settle almost  all of them have expressed readiness to sttele its simply a matter of when to debit the accounts”

Consing volunteered that the incident affected 1.5m clients. ” about half had over debits half had overcredits the approximate average per client was a little over 7 thousand pesos assume 750  thousand pesos over credit per client times 7 thousand pesos that would be approximate over credits take the same number 750 thousand multipbly by 7000 thats approximate over debit when you net that out the amounts are actually quite small. because the debits and the credits tended to offset one another”

Cosing estimated that some 5.2B were involved in the glitch and which has been rectified. “the number i gave aaproximate is 750 thousand clients multiplied by 7000 pesos if we were to take that one these are approximate numbers 7500 were talking of 5.2B either way. this has been rectified when we corrected the mispostings it took us a total of 37 hours to correct the mispostings when those mispostings were corrected  they were the right numbers. “

The House is probing the incident a day after the Senate also probed the same matter.

In his opening statement, Committee Chairman ben Evardone revealed that a congressmen was among those affected by the BPI incident. “one of our colleagues i will just not mention  his name complained to this chairman that his account he was a victim of the BPI so if a member of congress an be a victim how much mroe the other depositors. “

Evardone explained that the House leadership tasked the committee on banks to conduct a motu proprio investigation on BPI’s computer breakdown & BDO’s reported ATM skimming to protect depositors and the whole banking industry.

BPI reiterated that it deeply regrets the inconvenience caused to the public, and ensured the committee that they are doing everything to prevent the same incident from happening again. BPI’s exceutives re-stated that It was caused by human error, and not due to hacking and that there was no breach in data security.

Samar Rep. Edgar Sarmiento however told the bank exceutives,”There should have been a check system”, after learning from BPI official that a female programmer, 1 of 2 persons trusted to handle BPI’s new system, committed the posting error.