GCash probe to conclude by 2nd week of Dec.

The Bangko Sentral ng Pilipinas (BSP) aims to complete its investigation into unauthorized deductions from GCash accounts by the second week of December, emphasizing the importance of transparency and public trust.

“We want to be thorough in this because we want to assure the public that it’s safe and that we are keeping it that way,” said BSP Payments and Currency Management Sector Deputy Governor Mamerto Tangonan during the 2024 BSP-International Monetary Fund Systemic Risk Dialogue.

Tangonan stressed the BSP’s commitment to addressing the issue comprehensively. “To instill that trust, we have to tell the public what happened, what we’re going to do about it, and how they can protect themselves if it happens,” he added.

The BSP’s investigation focuses on uncovering vulnerabilities in GCash’s system and assessing its compliance with existing regulations. The central bank directed G-Xchange, Inc. (GXI), the operator of the GCash e-wallet, to address the issue promptly and ensure all affected users are reimbursed without delay.

GCash attributed the deductions to a system error and reported that the amounts had already been refunded to impacted users.

Tangonan reassured the public of the BSP’s resolve to determine the root cause of the incident. “Payment is built on trust. So, if you don’t trust it, no one will use it, and we don’t get the benefits,” he explained.

When asked about potential regulatory changes following the incident, Tangonan stated that any additional measures would depend on the investigation’s findings.

“Usually, when you get to the bottom of things, that will point you to any possible policy gaps. Then, therefore, we have to plug those gaps,” he said.

Tangonan also noted the need to assess both policy adequacy and enforcement. “Sometimes we have the policy, but maybe we need to boost the enforcement,” he added.

The BSP has reiterated its commitment to safeguarding the integrity of digital payment systems to foster public confidence in financial technologies.