The Senate Committee on Banks, Financial Institutions and Currencies is investigating the glitches in the electronic banking services of Bank of the Philippine Islands (BPI) and Banco de Oro (BDO).
Senate Committee Chairman Francis Escudero said, the hearing on Wednesday is meant to address speculations that the automated teller machines (ATMs) of the banks were hacked.
Escudero also added that the inquiry seeks to find out if bills should be drafted to protect bank depositors.
BPI Chief Executive Officer Cesar Consing attended the proceeding.
He told the senators that the malfunctions experienced by their customers were not due to hacking.
He said the problem was caused by an error in judgement by one of their programmers.
Consing added that their internal system operating the ATMs is not connected to the internet.