MANILA (Updated) -- The Bangko Sentral ng Pilipinas (BSP) will conduct an investigation to determine how a number of Bank of the Philippine Islands (BPI) cardholders lost money in their accounts overnight.
"The BSP will also investigate and look into the matter and see what happened, what were the operational lapses that led to that so that we can also come up our own conclusion and see what action we need to take and also make sure measures are in place to prevent this from happening," said BSP Director Pia Roman-Tayag.
"For now, BPI assures us this is not a hack and problem will be fixed today (June 7) and no one will lose money," said BSP Deputy Governor Nestor Espenilla Jr. in a text message Wednesday, June 7.
"We'll investigate as soon as dust settles and customers are made whole," Espenilla added.
The glitch quickly spread in social networking sites on Wednesday, prompting bank clients to immediately check their accounts at nearby BPI branches and ATM machines.
Some reported not being able to access their BPI accounts on mobile, while others said there were unauthorized transactions that deducted money from their accounts.
But the BPI said in an advisory that the discrepancies reported in its clients' bank account balances was due to an "internal system error."