August 19th, 2024
BDO promised to be online by 7 am today. It has been almost half a day since that promise. BDO being the country’s largest bank, this shakes confidence in the cyber infrastructure of the country’s financial system. Credit cards, ATM services, and other non-branch banking services are unavailable. Practically the whole non-branch system is shut down. I expect the BSP to see this as a red flag it has to work on with BDO by now.
The effect has been frustrating to many customers, to say the least.
There are life-affecting consequences, already: From families who cannot settle hospital bills by credit card, to ordinary citizens unable to pay bills due today.
I am also in receipt of complaints from Filipinos currently travelling, especially those travelling, that the failure of BDO’s online and mobile banking services to work has affected them significantly.
Will BDO make up for these consequences?
To the BSP: will BDO be held to account for this utter failure of service and commitment?
To the BDO: what guarantees do the people have of the security, effectiveness, and reliability of your online services?
As author of various bills to improve remote banking in the Philippines, and as Vice Chair of the House Committee on Banks and Financial Institutions, this failure, if extended, will compel us to look into the issue in Congress. Find ways fast, BDO.