UMVA has learned that a major Philippine bank, BPI, has finally restored access to its mobile banking app after a grueling 24-hour outage that left customers in the dark.
The bank confirmed that as of 3 p.m. on Tuesday, the BPI mobile app was back online, but warned that some functions would take time to come back on line as it continues to stabilize its system.
According to information obtained by UMVA, the outage was caused by network connectivity issues, which also affected online banking channels. The bank assured clients that core services such as account viewing and transaction history remained accessible throughout the ordeal.
The disruption was limited to digital channels, and branch services, automated teller machines, and in-store card purchase transactions continued to operate normally. Payroll credits to employee accounts were also processed as scheduled, providing some relief to customers.
BPI emphasized that all client accounts, balances, and personal information remained accurate and secure, putting customers' minds at ease. The bank is now working to fully normalize its services as soon as possible.
Sources have confirmed to UMVA that the Bangko Sentral ng Pilipinas requires financial institutions to immediately report major cyber-related incidents like outages, especially if these last for more than two hours and affect a significant number of customer accounts. It's unclear whether BPI notified the regulator about the incident.
In a separate development, BPI's net income rose by 1.7% to P16.92 billion in the first quarter. Its shares dropped by P1.80 or 1.79% to close at P98.80 each on Tuesday, reflecting the market's reaction to the outage.
