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BSP Nixes Text Rumors

06.28.2001

The Bangko Sentral ng Pilipinas issued a statement today to reassure the public that the banking system is financially sound and strong.

BSP Governor Rafael B. Buenaventura was prompted to give the reassurance in light of reported attempts by unscrupulous persons to incite panic by spreading rumors through text messages about certain banks supposedly going bankrupt or going on a bank holiday.

"The banking system is sound and stable," Buenaventura said. "No bank is declaring a bank holiday or filing for bankruptcy."

Reports reaching the BSP said some text messages have gone to the extent of specifying the dates when the supposed bank holiday is going to be declared.

Buenaventura cautioned the public not to believe these rumors as "these are absolutely untrue and without basis."  He recalled that similar text messages went around at the beginning of the year and the panic subsided only when the public realized the rumors were not true.

The BSP is urging mobile phone service providers to address the abusive use of text messaging to spread harmful rumors about the banking sector.  " The banking system's stability should not be trifled with," Buenaventura said.

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