BAP confident of quick resolution of P900 million stolen Metrobank funds

The influential Bankers Association of the Philippines (BAP) on Friday said the financial shenanigan uncovered at the Metropolitan Bank and Trust Company (Metrobank) should soon find resolution and to the satisfaction of its management and shareholders.

The BSP issued a statement saying the matter of the reported missing P900 million will be quickly resolved and its perpetrator, allegedly a senior official, brought to account for the theft.

“This appears to be an isolated incident and we are confident the facts will arise from the ongoing investigations being carried out by both Metrobank and the Bangko Sentral ng Pilipinas (BSP).

“Such incident is quite unfortunate but we wish to reiterate that banks have established internal controls and systems and instituted separation of functions designed to help prevent crimes of this nature from happening.

“Suffice it to say, Metrobank assures the public that none of its customers have been affected by this incident as it reinforces its commitment to the highest standards of integrity and uphold the protection of each and every one of its customers.

“Together with the BSP, we agree that Metrobank, the second largest banking institution in the country with assets of more than P1.9 trillion will quickly enforce the necessary remedial measures and policies required to prevent such incidents from happening again,” the BAP said.




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