BPI responds to Market Rider column, cites rules of BSP

Respect for rules and regulations is one of the cornerstones of Bank of the Philippine Island’s philosophy, the bank said in a letter to the Inquirer in response to the Market Rider column of Den Somera on Oct. 4, 2011.

“Compliance to court orders is no different. This is exactly what BPI did—followed the orders of the courts,” said the bank in the letter. The column discussed a report of the Bangko Sentral ng Pilipinas’ office of special investigation on a case that stemmed from the intra-corporate dispute between a BPI branch and the group of Philcomsat Holdings Corp.’s Erlinada Bildner.

BPI, however, declined to discuss the issue, saying in the letter that “as an institution under the supervision of the BSP, we are not able to discuss the matter in further detail as we are constrained by the confidentiality rules that apply in this case. This, unfortunately, is a disadvantage but we do not have a choice but to follow.”

“We would like to assure, however, all our customers that BPI continues to be fully committed to protect their interests within the bounds of law,” the bank said.