The United Coconut Planters Bank (UCPB) has released a statement on the P32 million cash being transported by three alleged bank employees that was intercepted by police at the Cagayan de Oro Port Sunday night. The statement said the bank was “aware of the transfer” and the manual cash transfer is “part of the normal procedure to move excess cash from one cash center to another”.
In an article by the Philippine News Agency, UCPB said the movement of cash is an internal procedure which does not need prior approval from the Bangko Sentral ng Pilipinas (BSP). Accordingly, the bank’s legal representatives are now coordinating with port authorities to clarify the issue.
In another news report from SunStar CDO, Philippine Coast Guard Commander for Northern Mindanao Capt. Leo Panopio, said they will still meet with BSP officials on the matter and maintains the three people remains under custody.
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