P900-M theft at Metrobank ‘isolated case’, says BAP | Inquirer Business

P900-M theft at Metrobank ‘isolated case’, says BAP

/ 04:57 PM July 21, 2017

The Bankers Association of the Philippines on Friday said the reported theft at the Metropolitan Bank and Trust Company or Metrobank allegedly committed a senior official appeared to be “an isolated incident.”

The following is the official statement of the Bankers Association of the Philippines regarding this recent Metrobank development:


The Bankers Association of the Philippines (BAP) is confident that Metropolitan Bank and Trust Company (Metrobank) will quickly resolve the recently reported theft committed by a senior official. 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.

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TAGS: banking system, BAP, internal fraud, Metrobank

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