Manila: The Bangko Sentral ng Pilipinas (BSP) will investigate the reported unauthorized deductions on account balances of GCash users to identify possible vulnerabilities and review compliance with regulations and policies. In a statement on Monday, the BSP also instructed G-Xchange, Inc. (GXI), the operator of GCash e-wallet, to immediately resolve the unauthorized deductions and to swiftly complete the process of refunds. The BSP also required GXI to submit regular updates on its actions. According to Philippines News Agency, the BSP is closely coordinating with GXI to ensure a prompt resolution of this issue. The BSP, based on the initial report of GXI, said the incident was attributed to a system error. GXI assured that all accounts of GCash users remain secure and that they are now in the process of refunding the deductions, the Central Bank said. BSP encourages affected users to coordinate with GXI for the immediate resolution of their complaint. If not satisfied with GXI's handling, the BSP said con sumers may escalate concerns to the BSP Online Buddy (BOB) through the BSP Facebook Messenger at @BangkoSentralngPilipinas and the BSP website at www.bsp.gov.ph. In an earlier statement, GCash said that as of Sunday, it has completed all the necessary wallet adjustments for its affected users. GCash also vowed to work with relevant law enforcement agencies to investigate the incident.