Following an event that sees the United Coconut Planters Bank (UCPB) losing Php167 million through theft last June, Department of Finance (DOF) secretary Carlos Dominguez III claimed that the Philippine government is taking solid measures to put the perpetrators to justice.

In a bid to keep the “government financial institutions (GFIs) and the banking system safe, secure, and reliable,” DOF is collaborating with the law enforcement agencies and Bangko Sentral ng Pilipinas (BSP), according to a press release sent via Viber on Friday.


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Taking the matter seriously, Dominguez claims that the National Bureau of Investigation and relevant agencies have been working on case since the issue arose.

On its part, UCBP is in the process of “reviewing and strengthening its IT (information and technology) and security controls,” following an instruction which seeks “to keep their security systems up-to-date and sophisticated”. 

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