OFFICIAL STATEMENT ON THE RECENT METROBANK NEWS

July 21, 2017

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.