UCPB explains why employees carried P32-M funds via commute
The four bank personnel isn’t doing anything illegal.
United Coconut Planters Bank (UCPB) is worrying over the detention of four of its employees who were apprehended by the Philippine Coast Guard in Cagayan de Oro City for loading boxes of cash to a public maritime vessel en route to Cebu.
Members of the Coast Guard took in the four bank workers on Sunday, June 25 after baggage scans bared that they were commuting with boxes of bills worth P32 million. UCPB stepped up to say that these physical transfers were authorized, and that they are asking authorities to release their employees.
“The Bank has clarified with port authorities that the cash transfer is a normal bank procedure which does not require prior approval of the Bangko Sentral ng Pilipinas. The Bank trusts that this misunderstanding will be resolved and its personnel be released at the soonest possible time,” the state-owned bank said in a statement.
It may sound extreme, but it’s nothing but business as far as UCPB is concerned.